US dollar continued to surge higher against the Swiss franc, and it might continue to do so.
In the New Zealand, the REINZ House Price Index measuring sales for all transactions within the stratum will be released for February, as the last decrease stands at 1%.
Australian Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute registered a reading of 99.5 in March 2015, compared to the last 100.7.
Japanese Domestic Corporate Goods Price Index released by the Bank of Japan registered a reading of 0.5% in February 2015, compared to the same month a year ago.
In terms of monthly change, the Japanese Domestic Corporate Goods Price Index came at 0%.
Japanese New orders i.e. the total value of machinery orders placed at major manufacturers in Japan released by the Cabinet Office registered a reading of 1.9% in January 2015, compared to the same month a year ago.
Australian Home Loans released by the Australian Bureau of Statistics registered a reading of -3.5% in January 2015, compared to the increase of 2.7%.
Australian investment lending for homes was also released, which posted a reading of -0.1%.
The US dollar moved higher against the Swiss franc and continued to gain strength. The USDCHF pair broke the 0.9920 barrier and almost tested the 1.0 resistance area. There is a monster bullish trend line formed on the 4-hour chart of the USDCHF pair, which is likely to act as a support if the pair corrects lower from the current levels. Moreover, the 23.6% fib retracement level of the last leg from the 0.9446 low is also sitting around the highlighted trend line. Let us see whether the pair can settle above the all-important 1.0 area or not moving ahead. The RSI is around the extreme levels suggesting caution.
Intraday Support Level – 0.9920
Intraday Resistance Level – 1.0040
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 EURUSD pair continues to move higher from the current levels and clears the 1.0 area, then a test of 1.0040 level is likely in the near term.
The British pound was crushed against the US dollar, as it traded lower towards the 1.5020-00 support area. It just managed to hold the downside, but there is still a lot of bearish pressure on the pair. There is a bearish trend line formed on the 4-hour chart as well, which is likely to act as a catalyst for the pair in the near term. Let us see how the pair trades moving ahead, and whether it can test the 1.50 level or not.
Intraday Support Level – 1.50
Intraday Resistance Level – 1.5120
Selling rallies around the bearish trend line look like a good option.
A break above the same might call for more gains moving ahead.
On the upside, the last swing high around the 1.5120 is the most important barrier for the pair.
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
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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