Aussie Continued To Struggle Against Euro And Dollar

Aussie Continued To Struggle Against Euro And Dollar

By: Oliver Miller | Where To Trade | On:10-10-2014 04:30
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Key Highlights

  • US dollar gained bids during the last two sessions, as it found support against almost all major currencies.
  • Australian Home Loans released by the Australian Bureau of Statistics missed the mark and registered a decline of 0.9%, compared with the previous gain of 0.3%.
  • Australian investment lending for homes released by the Australian Bureau of Statistics also registered a decline and fell by 0.1%, compared with the previous gain of 5.6%.
  • USDJPY traded lower and looks set for more losses if the US dollar sellers manage to gain traction again moving ahead.

 

EURAUD

The Aussie dollar traded lower during the Asian session against a couple of major currencies, including the Euro. The main reason for the decline in the Aussie dollar was the disappointing economic releases during the Asian session. The EURAUD pair climbed higher towards the 1.4500 area, but found an important resistance in the form of a bearish trend line on the 1 hour timeframe. There is a chance that the EURAUD pair move lower from the current level. However, there are several support areas on the way down for the pair. The most important one can be seen around the 50% fib retracement level of the last leg from the 1.4342 low, which also coincides with the 200 hourly moving average.

Intraday Support Level – 1.4450

Intraday Resistance Level – 1.4500

  • Overall, as long as the pair stays below the highlighted trend line a correction is likely.
  • Only a break and close above the mentioned trend line would call for more upside moving ahead.
     

Where To Trade - EURAUD - 10-10-2014

If the EURAUD pair manages to clear the bearish trend line, then it would open the doors for a run towards the 1.4600 level. Any further gains should be limited and might be dependent on how the Euro trades in the upcoming sessions.

 

USDJPY

The US dollar did not perform well in the recent sessions, especially against the Japanese yen. The USDJPY pair even broke an important bullish support trend line on the 1 hour chart. Later, the same trend line acted as a resistance for the pair. The pair traded as low as 107.48 recently, and it looks like it is heading back towards the mentioned level. The hourly RSI is below the 50 mark, which can be considered as a bearish sign in the short term. A break and close below the last low of 107.48 could ignite more losses in the pair which could take it towards the 107.00 support area. The US import and export price index might create some moves in the US dollar in the upcoming NY session.

Intraday Support Level – 107.48

Intraday Resistance Level – 108.00

  • A break and close below the 107.48 level might take the pair towards 107.00 level.
  • Market sentiment might act as a driver for the pair in the short term.
     

Where To Trade - USDJPY - 10-10-2014

 

If the pair manages to find buyers and bounces again, then the 100 hourly moving average might be tested which is currently around the 108.40 level. Any further gains should be limited, as the mentioned level might act as a resistance for the pair.

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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