Can AUDUSD Continue Trading Higher?

Can AUDUSD Continue Trading Higher?

By: Ben Myers | Where To Trade | On:26-02-2015 16:26
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Key Highlights

  • Aussie dollar continued to trade higher against the US dollar, but we need to see whether it can continue to trade higher in the near term or not.

  • New Zealand Trade balance, released by Statistics New Zealand registered a reading of $-1.41B in January 2015, compared to the same month of the last year in which it stood at $-1.15B.

  • In terms of the monthly change the New Zealand Trade balance registered a trade surplus of $56M, compared to the last reading of $-159M and the market was expecting $-183M.

  • New Zealand imports and exports came in at $3.70B and $3.70B respectively.

  • New Zealand Visitor Arrivals released by the Statistics New Zealand came in at 3.4% in January 2015, compared to the last gain of 5.4%.

  • Japanese Securities investment, released by Ministry of Finance registered a reading of ¥166.3B, compared to the last reading of ¥435.2B.

  • Japanese Foreign investment in Japan stocks was also released around the same time, which registered a reading of ¥289.0B, compared to the last reading of ¥435.2B

  • GBPUSD continues to trade in a range and awaits move in the US dollar for action.

AUDUSD

The Aussie dollar surged higher against the US dollar this week and traded above an important resistance area. The AUDUSD pair also cleared a critical bearish trend line on the daily chart, which paved the way for more gains in the near term. One more point to note that the pair also breached the 23.6% fib retracement level of the last leg from the 0.8349 high to 0.7680 low. So, there is a chance of a move towards the 50% fib retracement level, which might be the next resistance area.

Intraday Support Level – 0.7820

Intraday Resistance Level – 0.7900

  • Overall, as long as the pair is above the broken trend line it might continue trading higher.

  • A break above the 0.7900 level could ignite more gains moving ahead.

If the AUDUSD pair moves lower from the current levels, then the 0.7800 level might act as a support for the pair. A break below the same might take the pair towards the broken trend line, which could act as a hurdle for the Aussie sellers.

GOLD

GOLD moved lower this past week towards the $1180-90 area where buyers appeared to hold the downside in the near term. GOLD formed a nice support around the $1188 level, which is acting as a catalyst in the near term. The most important point is that the GOLD is still is below the 100 and 200 daily moving average, which is a concern. Let us see how GOLD trades in the near term, and whether it can break the mentioned MA’s or not.

Intraday Support Level – $1190

Intraday Resistance Level – $1220

  • Selling rallies around the 200 MA look like a good option.

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

On the downside, the last low of $1188 might continue to act as a support for GOLD. However, a break below the same might call for more losses moving ahead.

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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