Aussie Breaks Lower, Eyes More Losses

Aussie Breaks Lower, Eyes More Losses

By: Oliver Miller | Where To Trade | On:24-10-2014 01:49
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Key Highlights

  • US dollar consolidated against the Euro and British pound during the Asian session.
  • New Zealand trade balance data released by the Statistics New Zealand during the Asian session missed the mark, and registered a deficit of $1350M, compared with the expectation of $700M (MoM).
  • New Zealand dollar was not affected that much against the US dollar and managed to hold the 0.7800 support area.
  • Aussie dollar traded lower during the Asian trading, as buyers seem to be nervous.
  • Japanese yen traded lower against almost all major currencies and looks set for more losses.

 

USDJPY

The US dollar was seen trading higher against the Japanese yen, as the latter one was weakened across the broad. There was heavy weakness noted in the Japanese yen recently. There was a trend line on the hourly chart of the USDJPY pair, which was broken by the Yen sellers. The USDJPY pair traded as high as 108.30 where it found sellers. It traded lower, and now finding bids around the broken trend line which is acting as a support for the pair. The hourly RSI is heading towards the 50 level, which also matches with the view that the pair is around an important support area in the short term.

Intraday Support Level – 107.80

Intraday Resistance Level – 108.30

  • Overall, as long as the pair stays above the 107.80 level it can move higher.
  • Last high of 108.30 might act as a resistance for the pair in the short term.

 

Where To Trade - USD/JPY - 24-10-2014

 

The USDJPY might struggle to clear the last high of 108.30, but once it manages to break higher it might challenge the 108.60 level. On the downside, a break below the 107.80 level might invalidate the current bullish view. In that situation, the pair might move towards the 100 hourly moving average.

 

EURAUD

The Australian dollar was seen trading lower against the Euro and the US dollar during the Asian session, as it was sold aggressively. The EURAUD pair climbed towards the 1.4500-10 area where it found a monster resistance in the form of a bearish trend line on the hourly chart. The most important point to note from the charts is that the mentioned trend line also coincided with the 100 and 200 moving average. There is a high probability that the pair might correct lower from the current levels towards the 1.4440 support area. The hourly indicators are still bullish though and signaling more gains in the short term. The EURAUD pair has to clear the highlighted confluence area if buyers want to challenge the last high.

Intraday Support Level – 1.4440

Intraday Resistance Level – 1.4510

  • Selling rallies around the 200 MA is a good option.
  • A break above would invalidate the bearish view in the near term.

 

Where To Trade - EUR/AUD - 24-102014

 

On the downside, the 1.4440 is a pivotal area for the EURAUD pair. If the pair corrects lower, then it would be interesting to see how the pair reacts around the mentioned area. A break below the same might call for a retest of 1.4350.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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