AUDUSD Setting For A Correction

AUDUSD Setting For A Correction

By: Ben Myers | Where To Trade | On:26-03-2015 14:16
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Key Highlights

  • Aussie dollar was seen performing well against the US dollar until the AUDUSD pair found resistance around the 0.7940 level where sellers managed to defend the upside in the pair.

  • Japanese Securities investment, released by Ministry of Finance representing bonds issued in a domestic market by a foreign entity in the domestic market’s currency and detailing the flows from the public sector excluding Bank of Japan registered a reading of ¥765.5B whereas the last one stands at ¥551.1B.

  • Japanese Foreign investment in Japan stocks i.e. the net data shows the difference of capital inflow and outflow was also released, which came in at ¥-352.8B, compared to the last reading of ¥244.3B.

  • In Canada, BOC GOV Council Member, Lane delivered a speech which failed to cause moves in USDCAD.

  • Today, the London session is also filled with releases in the UK and the Euro zone having potential to cause a lot of moves in the Euro and the British pound pairs.

  • In the US, the Initial Jobless Claims will be released by the US Department of Labor, which is expected to register a decline from 291K to 290K.

AUDUSD

The Aussie traded higher against the US dollar recently, but failed around the 0.7900-40 area. It is currently correcting lower, and there are chances that the AUDUSD pair might find support on the downside. The most important point is that the pair earlier cleared several resistances like a bearish trend line on the 4-hour chart, and the 200 simple moving averages. So, if the pair moves lower from the current levels, then it might find support around these broken resistances. Moreover, the 50% fib retracement level of the last leg from the 0.7559 low to 0.7939 high is also around the same area.

Intraday Support Level – 0.7800

Intraday Resistance Level – 0.7880

  • Overall, as long as the pair is above the 200 SM it might continue trading higher.

  • A break below the same could ignite more losses moving ahead.

If the AUDUSD pair moves higher from the current levels, then the pair might face resistance around the recent high of 0.7939. A break above the same could take it towards the 0.8000 area.

GOLD

GOLD took the advantage of the US dollar weakness and traded higher. There is a resistance trend line formed on the 4-hour chart, which is acting as a hurdle for GOLD. There is a positive sign to note as it broke the 100 simple moving average. Not only this, the 50% fib retracement level of the last leg from the $1222 high to $1142 low was also breached. However, there is a reaction possible around 76.4 fib.

Intraday Support Level – $1188

Intraday Resistance Level – $1205

  • Selling rallies around the highlighted trend lines look like a good option.

  • A break above the same might call for more gains moving ahead.

On the downside, initial support is around the $1185-88 levels where buyers are likely to appear and contain the downside in the near term.

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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