Aussie Dollar To Continue Trading Lower

Aussie Dollar To Continue Trading Lower

By: Ben Myers | Where To Trade | On:16-04-2015 09:35
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Key Highlights

  • Aussie dollar was one of the best performers lately and the recent employment report released might encourage buyers in the short term and could take AUDUSD higher towards 0.7800.

  • 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 managed to post reading of ¥1,042.1B whereas the last was ¥-3,073.5B.

  • Japanese Foreign investment in Japan stocks i.e. the net data shows the difference of capital inflow and outflow was also released, which registered a reading of ¥1,042.1B, compared to last reading ¥1,036.1B.

  • Australian Employment Change released by the Australian Bureau of Statistics registered a reading of 37.7K, compared to the forecast of 15.0K in March 2015 in terms of the seasonally adjusted.

  • Australian Unemployment Rate posted a reading of 6.1% in February 2015, compared to last 6.3%.

  • Australian participation rate i.e. the percentage of the total number of people of age 15 years and over in the labor force came in at 64.8% in March 2015, compared to the forecast of 64.6%.

AUDUSD

The Aussie dollar continued to hold the 0.7550 support area against the US dollar. Earlier this week, the AUDUSD pair traded lower and cleared an important bullish trend line on the 4 hour time frame. However, the downside was stalled around the 0.7550 support area. The Aussie dollar sellers made many attempts to clear the mentioned area, but failed to take AUDUSD below it. Currently, the pair is correcting higher, but faces a crucial resistance around the broken trend line. The 200 and 100 simple moving averages on the 4 hour chart are sitting around the 0.7680-90 area. So, there is a major barrier formed, which has the potential to cause heavy downside reaction in AUDUSD.

Intraday Support Level – 0.7550

Intraday Resistance Level – 0.7700

  • Overall, as long as the pair is below the 100 SMA it might continue moving lower.

  • A break above the same could ignite more gains moving ahead.

If the AUDUSD moves lower from the current levels, then the last swing low of 0.7550 might come into play again.

GOLD

GOLD continued to weaken this week, but it was seen finding bids around the $1182-3 levels. It later managed to trade back higher and even settled above the 200 simple moving average -4H. However, there is a bearish trend line formed on the 4 hour chart, which is acting as a hurdle. A critical point is that the 100 SMA is also around the same trend line to stop the upside in GOLD.

Intraday Support Level – $1180

Intraday Resistance Level – $1200

  • Selling rallies around the 100 MA looks like a good option.

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

If the GOLD moves back lower, then the last low around $1183 might be tested again. However, a break below $1180 would be crucial for sellers.  

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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