Canadian Dollar Struggling To Hold Gains; Silver Loses Ground

Canadian Dollar Struggling To Hold Gains; Silver Loses Ground

By: Oliver Miller | Where To Trade | On:12-02-2015 14:40
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Key Highlights

  • Australian dollar traded lower recently against the US dollar and failed to hold gains above the 0.7750 resistance area.

  • US Monthly Budget Statement released by the Financial Management Service came in at $-18B in January whereas the market was expecting it to be around $-10B.

  • New Zealand Business NZ PMI released by the Business NZ came in at 50.9 in January 2015 whereas the last reading was 57.7.

  • Japanese Domestic Corporate Goods Price Index released by the Bank of Japan registered a reading of -1.3% in January 2015, compared to the last decline of 0.5%.

  • Japanese New machinery orders, released by the Cabinet Office registered an increase of 8.3% in December, whereas the market was expecting 2.4% and the last reading was a rise of 1.3%.

  • Australian Consumer Inflation Expectation released by the Melbourne Institute registered an increase of 4% in February 2015, compared to the last reading of 3.2%.

  • Australian Employment Change released by the Australian Bureau of Statistics registered a reading of -12.2K whereas the market was expecting it to be around 5K in January 2015.

  • Australian unemployment rate came in 6.4% at in January 2015.

EURCAD

The Euro traded higher against the Canadian dollar and broke an important resistance area to challenge the 1.4320 area. There was a descending channel formed on the 4 hour chart of the EURCAD pair, which was recently breached by the Euro buyers. The most important point was the fact that the pair broke the 100 and 200 simple moving averages, which is a strong a bullish sign in the near term.

Intraday Support Level – 1.4250

Intraday Resistance Level – 1.4350

  • Overall, as long as the pair is above the 100 4-hour MA it might continue trading higher.

  • A break below the same could take the pair towards the 200 MA.

If the EURCAD pair moves higher from the current levels, then it might find resistance around the 1.4340-60 area where sellers are likely to take a stand. Any further gains could take the pair towards the last swing high of 1.4400.

SILVER

SILVER buyers struggled to clear an important resistance area around the $17 level. As a result, there was an emergence of the bearish pressure, which took the prices lower in the near term. There is a monster trend line formed on the 4 hour chart as well, which is likely to act as a catalyst if SILVER moves higher from the current levels. The 100 and 200 simple moving averages are also sitting around the same levels, which might act as a catalyst in the short term. A break and close above the $17 level might encourage buyers moving ahead.

Intraday Support Level – $16.40

Intraday Resistance Level – $17.00

  • Selling rallies around the $17.00 level line look like a good option.

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

On the downside, the last swing low of $16.40 might act as a support for SILVER where buyers could try to protect losses in the near term.

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

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

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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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