US dollar continues to trade heavy against most major currencies, and it is likely to consolidate or lose more ground in the coming sessions as sellers seem to be in the action.
In Australia, the Conference Board Australia leading Index representing future trends of the overall economic activity including employment, average manufacturing workweek, initial claims and yield curve released by the Conference Board came in at 0.4% in January 2015, compared to the preceding month.
In Japan, the Nomura/JMMA Manufacturing PMI showing an early snapshot of the health of manufacturing sector in Japan was released, which posted a reading of 50.4 in March 2015, compared to the market expectation of 52.1, up from the last reading of 51.6.
Chinese HSBC Manufacturing Purchasing Managers Index (PMI) i.e. an early indicator of economic health in the Chinese manufacturing sector released by the Markit Economics registered a reading of 49.2 in March 2015, compared to the market expectation of 50.5, down from the last reading of 50.7.
The Euro finally traded with some positive tone this past week against the US dollar, and climbed more than 400 pips from the recent lows. The EURUSD pair even managed to clear an important fib retracement level – 38.2% of the last leg from the 1.1385 high to 1.0456 low, which is an encouraging sign. There is a bearish trend line on the 4-hour chart of the EURUSD pair, which is likely to act as a pivot zone for the pair. The most crucial point to note is the fact that the 200 simple moving average (4H) is aligned just above the highlighted trend line along with the 61.8% fib level. So, there is a major resistance for EURUSD around the 1.1120-50 area.
Intraday Support Level – 1.0820
Intraday Resistance Level – 1.1040
Overall, as long as the pair is below the highlighted trend line it might continue trading lower.
A break above the same could ignite more gains moving ahead.
If the EURUSD pair moves lower from the current levels, then the pair might find support around the 1.0820-00 area where the Euro buyers are likely to take a stand.
The British pound struggle against the Japanese yen continued, as the GBPJPY pair continued to trade lower. The main reason was that the British pound failing to capitalize and at the same time the Japanese yen gaining bids. There is a bearish trend line formed on the 4-hour chart, which is likely to act as a major barrier for the pair in the near term. Moreover, there is one more trend line which is positioned around the 100 and 200 simple moving averages (SMA).
Intraday Support Level – 177.80
Intraday Resistance Level – 179.40
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 GBPJPY pair moves lower from the current levels, then the swing low of 177.80 level might come into. Any further losses might take GBPJPY towards 177.20.
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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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