Dollar Remains Bid After The Fed Monetary Statement

Dollar Remains Bid After The Fed Monetary Statement

By: Simon Furman | Where To Trade | On:29-01-2015 14:30
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Key Highlights

  • Fed and the Reserve bank of New Zealand interest rate decisions were the main highlights of the past two sessions.

  • RBNZ kept the interest rates unchanged at 3.5% as expected and made no major change.

  • New Zealand Trade balance, released by Statistics New Zealand registered a trade deficit of $-1.15B in December 2014, compared with the forecast of $-0.98B and last reading was $-0.45B.

  • In terms of the monthly change, the New Zealand Trade balance stood at-$159M in December 2014, compared with the forecast of $-26.5B.

  • Japanese Securities investment, released by Ministry of Finance came in at ¥45.6B, compared to the last reading of ¥-397.2B.

  • Japanese Retail Trade released by the Ministry of Economy, Trade and Industry registered an increase of 0.2% whereas the market was expecting a rise of 0.9%.

AUDUSD

The Aussie dollar was one of the worst performers of the week, as it traded a lot lower against the US dollar. The most recent low was below the 0.7900 level around 0.7855 where the Aussie dollar buyers managed to protect the downside in the AUDUSD pair. There is a bearish trend line formed on the 4 hour chart, which holds the key for the pair in the near term. The most important point to note is the fact that the 100 and 200 moving averages are also sitting just below the highlighted trend line. So, one might say that there is a monster resistance around the 0.8080-0.8100 area. So, if the pair reaches around the mentioned area, then sellers are likely to appear.

Intraday Support Level – 0.7850

Intraday Resistance Level – 0.8080

  • Overall, as long as the pair is below the 200 MA it might continue trading lower.

  • A break above the mentioned MA could take the pair towards the 0.8200 level.

On the downside, the last low of 0.7855 might continue to act as a support, and if sellers manage to break it then more losses are possible.

GOLD

GOLD remained elevated during this week, and basically took the advantage of the decline in major pairs. The most important point is that it has settled above the 1250-60 support area, which might act as a catalyst in the near term. There is even a bullish trend line formed on the 4 hour chart of GOLD. Moreover, prices are well above the 100 and 200 moving averages which is positive sign in the short term. If the market sentiment continues to favor GOLD buyers then we might witness more gains moving ahead.

Intraday Support Level – $1270

Intraday Resistance Level – $1310

  • Buying dips around the 100 MA look like a good option.

  • A break below the mentioned MA would call for more losses moving ahead.

On the downside, the 100 MA is the immediate support. A break below the same might call for a move towards the 200 MA. Any further downside is very hard as sellers struggled recently and buyers are still in control in the short term.

Simon Furman

Simon Furman

Think Global - Act Local

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

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