Euro Stable As US Dollar Continues To Consolidate

Euro Stable As US Dollar Continues To Consolidate

By: James Ansher | Where To Trade | On:03-02-2015 15:55
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Key Highlights

  • British pound continued to trade in an awkward pattern as buyers fail to gain strength.

  • Japanese Monetary Base released by the Bank of Japan registered an increase of 37.4%, compared with the last reading of 38.2% and forecast was lined up for 40% in January 2015.

  • In New Zealand ANZ Commodity Price was released by the ANZ National Bank, which registered a reading of -0.9%, compared with the last decline of 4.4%.

  • Australian Building Permits released by the Australian Bureau of Statistics came in at -3.3%, compared with the last increase of 7.7%.

  • Australian trade balance released by the Australian Bureau of Statistics registered a trade deficit of -436M whereas the market was expecting it to be around -775M in December 2014.

  • Australian imports and imports registered a reading of 1% and -1% respectively.

  • RBA interest rate decision to remain a key driver for the Aussie dollar in the short term.

EURUSD

The Euro was comparatively stable against the US dollar recently, as other currencies struggled. There is a bearish trend line formed on the 4 hour chart of the EURUSD pair, which is likely to act as a major barrier in the near term. The most important thing is that the 38.2% fib retracement level of the last leg from the 1.1965 high to 1.1093 low is also sitting around the same level. So, if the pair trades close to the 1.1420-30 resistance area, then it might struggle to break it. Moreover, the 100 4H simple moving average is also sitting above the trend line, which could be the next hurdle for EURUSD.

Intraday Support Level – 1.1300

Intraday Resistance Level – 1.1420

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

  • A break above the mentioned level could take the pair towards the 100 MA (4H).

On the downside, there is a critical support around the 1.1300 level, which might hold losses moving ahead. However, a break below the same might be very bearish for the pair.

GBPCHF

The British Pound struggled against the US dollar, but managed to hold the ground against the Swiss franc. There is a monster resistance around the 1.4020-50 area in GBPCHF, which kind of protected the upside in the near term and ignited a downside reaction. There is a bullish trend line formed on the hourly chart of the GBPCHF pair, which is kind of sitting around the 100 hour moving average. Moreover, the 23.6% fib retracement level of the last leg from the 1.3015 low to 1.4066 high is also around the same trend line. In short, there is a major support at 1.3820.

Intraday Support Level – 1.3820

Intraday Resistance Level – 1.4040

  • Buying dips around the highlighted trend line look like a good option.

  • A break below the 1.3820 level would call for more losses moving ahead.

If the GBPCHF pair attempts to break higher, then it would be interesting to see how it trades around the 1.4040-60 resistance area where sellers are likely to appear again.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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