British pound traded lower earlier this week against the US dollar, but now it looks like the GBPUSD pair might correct higher in the short term as there was a strong reaction noted around the 1.4750 level.
Australian AIG performance of the Mfg. Index representing business conditions in the Australian manufacturing sector released by the Australian Industry Group registered a reading of 46.3 in March 2015, compared to last reading of 45.4.
Japanese Tankan large Manufacturing Outlook i.e. forecasts of the growth in the Manufacturing sector for the next quarter released by the Bank of Japan came in at 10 in the first quarter of 2015.
Japanese Tankan Large All Industry Capital Expenditure posted a reading of -1.2% in in the first quarter of 2015, compared to last 8.9 and the market was expecting it to be around 0.5%.
Japanese Tankan Non-Manufacturing Index posted a reading of 19, compared to the forecast of 17.
Australian Building Permits which shows the number of permits for new construction projects released by the Australian Bureau of Statistics came in at 14.3% in February 2015, compared to last 9.1%.
In terms of the monthly change, the Australian Building Permits came in at -3.2%, compared to last -4%.
The British pound traded a lot lower recently against the US dollar, but buyers managed to hold the downside around the 1.4750-00 levels. There is a bearish trend line on the 4-hour chart of the GBPUSD pair, which stalled the upside in the pair in the short term. However, it looks like the pair might clear the same and trade higher moving ahead. There is one more hurdle around the same trend line, as the 100 simple moving average (SMA) positioned at 1.4880. The pair found support around the 76.4% fib retracement level of the last leg from the 1.4634 low to 1.5165 high.
Intraday Support Level – 1.4750
Intraday Resistance Level – 1.4920
Overall, as long as the pair is below the 100 SMA (4H) it might continue trading higher.
A break above the same could ignite more gains moving ahead.
If the GBPUSD pair moves a bit lower from the current levels, then the last swing low of 1.4750 might come into play again.
The US dollar continued to trade higher against the Swiss franc, as the latter one continued to move lower in the short term. There is a bearish trend line on the 4-hour chart, which recently acted as a barrier for the USDCHF pair. The best thing was the fact that the pair settled above the 200 simple moving average (SMA). Currently, the pair is seen trading around the 38.2% fib retracement level of the last drop from 1.0088.
Intraday Support Level – 0.9640
Intraday Resistance Level – 0.9750
Buying dips around the 200 SMA look like a good option.
A break below the same might call for more losses moving ahead.
If the USDCHF pair continues to move higher, then it might clear the highlighted trend line and test the 100 SMA (4H).
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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