Can British Pound Gain Strength?

Can British Pound Gain Strength?

By: Darryl Frankfort | Where To Trade | On:25-03-2015 13:37
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Key Highlights

  • British pound continued to find sellers when it tries to trade higher, but there is a chance that it might gain strength against the US dollar in the near term.

  • In New Zealand, the Trade balance i.e. the difference between the value of country's exports and imports, released by Statistics New Zealand posted a trade deficit of $-2.180B in February 2015, compared to the same month a year ago and the market was expecting it post a deficit of $-1.82B.

  • In terms of the monthly change, the New Zealand Trade balance posted a trade surplus of $50M in February 2015, compared to the preceding month whereas the market expectation was of $392M.

  • New Zealand exports and imports came in at $3.92B and $3.87B respectively in February 2015.

  • Japanese Corporate Service Price Index (CSPI), which measures the prices of services traded among companies released by the Bank of Japan posted an increase of 3.3% in February 2015, compared to the same month a year ago whereas the last increase was of 3.4%.

  • Australian Financial Stability Review providing the Bank's assessment of the current condition of the financial system was released by Reserve Bank of Australia during the Asian session.

GBPUSD

The British pound failed to trade higher against the US dollar when almost all major currencies were seen trading higher against the US dollar. However, there is a bullish trend line formed on the 4-hour chart of the GBPUSD pair, which might continue to hold the downside in the near term. Moreover, the 61.8% fib retracement level of the last leg from the 1.4636 low to 1.5168 high is also sitting around the same area. Let us see how the British pound buyers react when the pair tests the highlighted trend line one more time.

Intraday Support Level – 1.4820

Intraday Resistance Level – 1.4920

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

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

If the GBPUSD pair moves higher from the current levels, then the pair might find resistance around the 100 simple moving average which is at 1.50 level.

USDCHF

The US dollar is following a nice bearish trend against the Swiss franc, as there is a trend line formed on the 4-hour chart which is protecting upside in the pair. Moreover, the 200 simple moving average is sitting just below the highlighted trend line. So, there is a major resistance formed around the 0.9620 level. A break above the same looks very tough at the moment until the US dollar buyers appear again and take control.

Intraday Support Level – 0.9500

Intraday Resistance Level – 0.9620

  • Selling rallies around the highlighted trend lines look like a good option.

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

If the USDCHF pair moves lower from the current levels, then the 0.9500 handle could provide support to the pair. A break below the same might ignite more losses moving ahead.

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

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

AUDUSD Remains Buy On Dips

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

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

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

US Dollar Poised For Further Rise Versus Yen

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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