Can AUDUSD Recover Moving Ahead?

Can AUDUSD Recover Moving Ahead?

By: James Ansher | Where To Trade | On:07-04-2015 16:28
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Key Highlights

  • Euro surged higher against the US dollar and the Japanese yen, as the shared currency gained a lot of bids recently and there is a chance of it acquiring more ground in the near term.

  • Australian AIG performance of the Mfg. Index representing business conditions in the Australian manufacturing sector released by the Australian Industry Group registered a reading of 50.2 in March 2015, compared to last reading of 51.7.

  • Japanese Foreign-exchange reserves i.e. the foreign currency deposits and bonds held by central banks and monetary authorities released by Ministry of Finance registered reading of $1,245.3B in March 2015.

  • Australian Retail Sales i.e. a survey of goods sold by retailers is based on a sampling of retail stores released by the Australian Bureau of Statistics came in at 0.7% in March 2015, compared to last 0.4%.

  • Australian ANZ job advertisements representing the number of job advertisements in the major metropolitan newspapers and on the internet sites released by the Australia and New Zealand Banking Group Limited (ANZ) posted a reading of -1.4% in March 2015, compared to the last gain of 0.9%.

  • Later today, the RBA Interest Rate Decision will be announced by the Reserve Bank of Australia in which the central bank is expected to keep the interest rates unchanged at 2.25%

EURUSD

The Euro moved higher against the US dollar and closed above an important resistance area as pointed out in one of the previous analysis. The EURUSD pair also breached the 200 simple moving average (SMA) – 4H, which was a positive sign in the near term. It also broke a critical bearish trend line, which pushed the pair sharply higher. There is a chance of a minor correction from the current levels. However, it might find support around the 200 SMA (4H), which is around the 23.6% fib retracement level of the last leg from the 1.0715 low to 1.1029 high.

Intraday Support Level – 1.0960

Intraday Resistance Level – 1.1040

  • Overall, as long as the pair is above the 200 SMA (4H) it might continue trading higher.

  • A break below the same could ignite more losses moving ahead.

If the EURUSD pair continues to move higher from the current levels, then the 1.1040-50 levels might might act as a resistance in the near term.

GBPCHF

The British pound gained against the US dollar, but failed to hold the ground against the Swiss franc. There was a bullish trend line on the 4-hour chart of the GBPCHF pair, which was breached recently. The pair fell sharply after the release and tested the 1.4145 level. The pair is currently making an attempt to trade higher, but it might fail around the broken trend line.

Intraday Support Level – 1.4140

Intraday Resistance Level – 1.4300

  • Selling rallies around the 1.4300 level look like a good option.

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

If the GBPCHF pair continues to move lower from the current levels, then the low of 1.4140 might provide support to the pair.  

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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