Dollar Continues To Climb As Buyers Gain Control

Dollar Continues To Climb As Buyers Gain Control

By: Darryl Frankfort | Where To Trade | On:09-02-2015 12:06
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Key Highlights

  • US dollar surged higher recently and traded higher against most major currencies.

  • Japanese Bank lending, released by Bank of Japan came in at 2.5% in January 2015, compared to the last gain of 2.6%.

  • Japanese Current Account released by the Ministry of Finance registered a reading of ¥187.2B, whereas the market was expecting ¥358B and the last reading was ¥433B.

  • Japanese Trade Balance – BOP basis released by the Customs Office came in at ¥-395.6B, compared with the last reading of ¥-636.8B.

  • Australian ANZ job advertisements released by the Australia and New Zealand Banking Group Limited (ANZ) registered an increase of 1.3% in January, compared with the last gain of 1.8%.

  • German trade balance is one of the main releases lined up later today during the London session.

  • In the US labor market conditions index will be released which is expected to register a gain.

  • USCAD remains elevated and might continue to trade higher as long as it is above 1.2400.

USDCAD

The USDCAD pair after trading as high as 1.2720 level corrected higher and found support around the 1.2400 level. The US dollar sellers struggled to clear the 1.2400 level as buyers defended the mentioned level on more than two occasions. There is a bullish trend line formed as well on the daily chart, which might act as a barrier for the pair as well. The US jobs data released during this past week also stopped the downside in USDCAD. The pair blasted higher and traded back above the 1.2450 level. Let us see how it trades in the coming days and whether it manages to overcome buyers or not.

Intraday Support Level – 1.2400

Intraday Resistance Level – 1.2580

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

  • A break below the trend line could take the pair towards the 1.2200 level.

If the USDCAD pair moves higher from the current levels, then immediate resistance is around the 1.2580 level where sellers might appear.

NZDUSD

There was some hope for the New Zealand dollar as it managed to clear an important bearish trend line on the 4 hour chart. However, it failed around the 38.2% fib retracement level of the last drop from the 0.7889 high to 0.7181 low. Moreover, it is still trading below the 100 and 200 4-hour simple moving averages, which is a negative sign in the near term. It might struggle to trade higher as the New Zealand dollar sellers could put up a fight around the 100 MA.

Intraday Support Level – 0.7250

Intraday Resistance Level – 0.7400

  • Selling rallies around the 100 MA line look like a good option.

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

On the downside, the swing level of 0.7250 might act as a support in the near term. A break below the same could take the pair towards the broken trend line where it would be interesting to see Kiwi dollar buyer’s reaction.

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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