Aussie Dollar Manages To Correct Higher, But Upside Limited

Aussie Dollar Manages To Correct Higher, But Upside Limited

By: James Ansher | Where To Trade | On:08-01-2015 11:29
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Key Highlights

  • Euro and other major currencies might correct higher, but the trend is down in the short term.

  • In Japan, the Securities investment, released by Ministry of Finance came in at ¥19.7B, compared with the last reading of ¥-1,362.3B.

  • Japanese Foreign investment stocks data was also released, which registered a reading of ¥-40.7B, compared with the last reading of ¥-387.1B.

  • In Australia, the Building Permits released by the Australian Bureau of Statistics increased 7.5% by in November 2014, compared with the last time increase of 11.4%.

  • Australian Building Permits yearly change came in at 10.1%, compared with the last increase of 2.5%.

  • BOE interest rate decision is a major event lined up today, which is likely to cause moves in GBPUSD and GBPJPY.

  • British pound remains at risk as sellers are in control in the short term.

AUDUSD

The Australian dollar continued to struggle recently especially against the US dollar. There were many occasions when the AUDUSD pair managed to climb higher, but struggled to clear major resistances. There is a bearish trend line formed on the 4 hour chart of the AUDUSD pair, which is likely to act as a resistance if the pair moves higher from the current levels. The pair is comfortably placed below the 100 and 200 simple moving averages on the 4 hour timeframe, which means the Aussie dollar sellers are in control in the short term. Any major rallies might find sellers taking control unless buyers get a reason to take it higher.

Intraday Support Level – 0.8040

Intraday Resistance Level – 0.8140

  • Overall, as long as the pair is below the 0.8150 level it might continue trading lower.

  • A break above the highlighted trend line could take the pair towards the 200 MA – 4H.

If the AUDUSD pair moves lower from the current levels, then initial support is around the 0.8040 level. A break below the same might take the pair towards the 0.8000 support area where there is a chance of the Aussie dollar buyers appearing.

GOLD

GOLD remained in the positive territory compared with the major currencies. When all major currencies, including the Euro and the British pound was tumbling, it was a good sight to see GOLD holding the ground. In fact, the yellow metal also managed to clear an important bearish trend line on the 4 hour chart. However, there are several hurdles on the way up for GOLD and buyers might find it very difficult to take it higher. One crucial resistance is around $1222 level, which is likely to act as a monster resistance in the near term. We need to see how GOLD trades in the coming sessions.

Intraday Support Level – $1200

Intraday Resistance Level – $1222

  • Buying dips around the $1200 level look like a good option.

  • A break below the same would call for losses moving ahead.

On the downside, initial support is around the $1200 level, which if it fails to hold it might open the doors for a move towards the $1185 support area in the near term.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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