Dollar Might Consolidate On Data Heavy Week

Dollar Might Consolidate On Data Heavy Week

By: Simon Furman | Where To Trade | On:23-03-2015 13:21
Back

Key Highlights

  • US dollar traded lower this past week against most major currencies, and it looks it might either consolidate or move a bit lower during the upcoming week in which there are some key releases.

  • In the New Zealand, the Confidence measure i.e. an indicator of the mood of consumers or business, which is usually based on a survey during which respondents rate their opinion on different issues concerning current and future economic conditions released by Westpac New Zealand came in at 117.4 in the first quarter of 2015, compared to the preceding quarter in which it came in at 114.8.

  • In the Euro area, the Consumer Confidence will be released by the European Commission, which is forecasted to come in at -5.95 in March 2015, compared to the preceding month reading of -6.70.

  • In the US, the Existing Home Sales, which provides an estimated value of housing market conditions will be released by the National Association of Realtors for February 2015, compared to the last 4.82M.

NZDUSD

We have been following a broken bullish trend line on the daily chart of the NZDUSD pair, which acted as a catalyst for the pair on many occasions. It holds the key for the pair in the medium term, and is an important resistance for the pair. The reason why it is very critical as the 100 day simple moving average is also sitting just around the highlighted trend line. Moreover, the 61.8% fib retracement level of the last leg from the 0.7949 high to 0.7229 low is also around the same levels. The only positive thing to note from here is the fact that the daily RSI is silently moving above the 50 level, which could encourage the New Zealand dollar buyers moving ahead.

Intraday Support Level – 0.7500

Intraday Resistance Level – 0.7650

  • 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 NZDUSD pair moves lower from the current levels, then there is a possibility of it finding buyers around the 0.7500 area. Let us see how the pair trades in the near term.

USDCAD

The US dollar failed around the 1.2800 level against the Canadian dollar. There was a broken trend line on the daily chart of the USDCAD pair, which acted as a support this past week. So, the USDCAD pair case is somewhat similar to the NZDUSD pair. However, there is a difference, as the 100-day simple moving average is way below the broken trend line. So, let us see how the pair trades in the near term.

Intraday Support Level – 1.2420

Intraday Resistance Level – 1.2650

  • Buying dips around the 1.2400 area looks like a good option.

  • A break below the same might call for more losses moving ahead.

If the NZDUSD pair moves lower from the current levels, then it would be interesting to see how the pair trades if it reaches 1.2400.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings