British Pound Tumbles Post Awful BRC Retail Sales Data

British Pound Tumbles Post Awful BRC Retail Sales Data

By: Oliver Miller | Where To Trade | On:14-10-2014 04:52
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Key Highlights

  • The British Retail Consortium (BRC) Retail Sales Monitor released registered a decline of 2.1%, against the expectation of a 1% rise.
  • National Australia Bank (NAB) Business Confidence Index fell from 7 to 5. The previous reading was also revised down from 8 to 7.
  • NZDUSD pair is trading higher Intraday and trading around the 0.7900 level. If it settles above the mentioned level, then it might march towards 0.7950.
  • EURUSD broke an important resistance area to trade as high as 1.2765 during the Asian session.

 

EURUSD

The Euro was seen consolidating in a range yesterday after it managed to find buyers around the 1.2600 area against the US dollar. There was a bearish trend line formed on the hourly chart of the EURUSD pair, which was also coinciding with the 100 hourly moving average. The pair managed to break the mentioned confluence area to surge towards the 1.2750-60 area. This particular break can be considered as very important, as it has opened the doors for more gains in the near term. Currently, the pair is correcting lower and heading towards the broken resistance area which might act as a support moving ahead. The mentioned area is also aligning with the 50% fib retracement level of the last leg from the 1.2601 low to 1.2765 high.

Intraday Support Level – 1.2680

Intraday Resistance Level – 1.26765

  • Overall, as long as the pair stays above the 1.2680 level more gains are likely.
  • It would be interesting to see how the pair reacts around the 100 hourly moving average.

 

Where To Trade - EURUSD - 10.14.2014

There is a chance that the pair might head higher from the current levels as well. However, the 1.2760-70 is a monster resistance for the Euro buyers. Let’s see how sellers react around the mentioned level.

 

GBPCHF

The British pound came under severe pressure against most major currencies after the release of the British Retail Consortium (BRC) Retail Sales Monitor. The market was expecting it to register an increase of 1%. However, the outcome was disappointing, as the British Retail Consortium (BRC) Retail Sales Monitor fell by 2.1%. The worst performing pair was the GBPCHF pair. It broke an important support trend line on the hourly chart to trade as low as 1.5230. The British pound buyers managed to hold the downside around the mentioned area. However, the pair faces a major resistance in the form of broken support area at 1.5270-80. The stated area also coincides with the 23.6% fib retracement level of the last drop from the 1.5394 high to 1.5230 low.

Intraday Support Level – 1.5230

Intraday Resistance Level – 1.5270

  • A struggle to settle back above the 1.5270-80 area might call for a bearish turn in the short term.
  • Recent low of 1.5230 might be put to test again.

Where To Trade - GBPCHF - 10.14.2014

There is a divergence on the hourly RSI which is sending a mixed signal to sellers. So, we need to be very careful in the short term, as this might well turn out to be a false break.

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

Yen Looks Set For More Losses

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Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

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By: Ben Myers | Where To Trade | On:30-04-2015 11:13

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USDCHF At Risk Of A Major Break

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US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

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By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

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