US dollar continued to correct lower against the Euro and awaits the all-important fed rate decision.
In the New Zealand, the Current Account i.e. a net flow of current transactions, including goods, services, and interest payments into and out of New Zealand released by the Statistics New Zealand registered a reading of $-3.19B in the fourth quarter of 2015, compared to the preceding quarter of 2014.
New Zealand Current Account - GDP Ratio was also released, which came in at -3.3% in Q4 2014.
Australian Conference Board Australia leading Index measuring future trends of the overall economic activity including employment, average manufacturing released by the Conference Board will be released for February 2015, as the last reading of 0.4%.
Japanese Merchandise Trade Balance Total released by the Ministry of Finance registered a deficit of ¥-424.6B in February 2015, compared to the expectation of ¥-1,050.0B.
Japanese Adjusted Merchandise Trade Balance i.e. a seasonal measure of balance amount between import and export came posted a reading of ¥-638.800B in February 2015, compared to last ¥-406.124B.
Japanese imports and exports came in at -3.6% and 2.4% respectively in February 2015.
There was a slight bearish pressure noted on the US dollar against the Swiss franc. One key point to note was the fact that the pair breached an important support trend line on the 4 hour chart. This means that there is a chance of a move lower in the near term. Let us see how the pair trades in the near term and ahead of the fed interest rate decision. Initial support is around the 23.6% fib retracement level of the last leg from the 0.9446 low to 1.0128 high. A break below the same might call for a short-term reversal in the USDCHF pair moving ahead as buyers continue to struggle.
Intraday Support Level – 0.9980
Intraday Resistance Level – 1.0080
Overall, as long as the pair is below the 1.0080 level it might continue trading lower.
A break below the 0.9980 level could ignite more gains moving ahead.
If the USDCHF pair moves back higher in the near term, then initial resistance is around the 1.0080 level. A break above the same might call for a test of the last high of 1.0120.
The British pound struggle continued against the US dollar this week, as the GBPUSD pair failed to gain strength in the short term. There is a major bearish trend line on the 4-hour chart of the pair, which is acting as a barrier for the pair moving ahead. The pair recently moved closer to the highlighted trend line, but failed to break higher and currently moving back lower. A retest of lows is likely in the near term.
Intraday Support Level – 1.4700
Intraday Resistance Level – 1.4780
Selling rallies around the highlighted trend line look like a good option.
A break above the same might call for more gains moving ahead.
On the upside, the USDCAD pair might challenge the 1.4800 level moving ahead.
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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