Chinese GDP Release Lifted Aussie Dollar Buying Sentiment

Chinese GDP Release Lifted Aussie Dollar Buying Sentiment

By: Oliver Miller | Where To Trade | On:21-10-2014 00:16
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Key Highlights

  • US dollar continues to consolidate against most major pairs as the Forex market eyeing for the next move in the near term.
  • Chinese GDP data was released earlier, which came better than expected and registered a growth rate of 7.3%, compared with the expectation of 7.2% in the third quarter of 2014.
  • Aussie dollar breaks higher against the US dollar after the Chinese data release.
  • British pound turned out to be one of the best performers recently, which is an important bullish sign in the short term.
  • EURUSD looks set for a break if the Euro buyers manage to gain strength.

 

EURUSD

The Euro was seen slowly crawling higher against the US dollar during the past couple of sessions. However, the upside was limited as there is an important bearish trend line on the hourly chart, which is containing the Euro buyers. However, the pair is trading in the positive territory above the 100 and 200 hourly moving averages. There is a chance that the pair might move lower one more time towards the 100 hourly moving average, which might act as a support for the EURUSD pair. We need to see how the pair reacts around the same and if the Euro buyers successfully manage to defend it, then we can witness a sharp upside reaction moving ahead.

Intraday Support Level – 1.2760

Intraday Resistance Level – 1.2810

  • Overall, as long as the pair stays above 100 MA it might climb higher.
  • Buyers need to clear the highlighted bearish trend line for more strength in the short term.

 

Where To Trade - EURUSD - 21-10-2014

 

Alternatively, if the EURUSD pair breaks the mentioned support area, then the next level of interest would be around the 200 hourly moving average.

 

AUDNZD

As mentioned earlier, the Aussie dollar is trading higher after the Chinese GDP data came better than expected. It is not only trading higher against the US dollar, but also against the New Zealand dollar. There was a critical bearish trend line connecting swing highs on the hourly chart of the AUDNZD pair. After the release, the pair traded higher and broke the mentioned trend line, but it looks like the pair is struggling to break the 100 hourly moving average. The 38.2% fib retracement level of the last fall from the 1.1138 high to 1.0971 low is also sitting around the same levels. So, it would be interesting to see how the pair reacts in the short term. The hourly RSI is making an attempt to settle above the 50 level which is a positive sign.

Intraday Support Level – 1.1018

Intraday Resistance Level – 1.1038

  • Buying dips around the broken resistance area might be a good option.
  • 100 MA might continue to act as a resistance for the AUDNZD pair.

 

Where To Trade - AUDNZD - 21-10-2014

 

If the pair moves lower, then the broken trend line might act as a support. If the Aussie buyers fail to manage the strength above 100 MA, then the pair might head back towards the last low of 1.0971 in the short 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

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