No Relief For The US Dollar Sellers

No Relief For The US Dollar Sellers

By: Ben Myers | Where To Trade | On:12-01-2015 14:50
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Key Highlights

  • US dollar sellers failed time and again to take the dollar lower as the fundamental outcome exceeded the market forecast recently.

  • Euro dived this past week and there is no hope for buyers to take the shared currency higher.

  • In Australia, the ANZ job advertisements released by the Australia and New Zealand Banking Group Limited (ANZ) increased by 1.8%, compared with the last time increase of 0.7%.

  • Australian Home Loans released by the Australian Bureau of Statistics registered a decrease of 0.7%, whereas the market was expecting it to be around 2%.

  • Australian investment lending for homes was also released which came in at -2.2%, compared to the last time increase of 1%.

  • US labor market conditions index is the only major release lined up during the NY session today.

  • US dollar might consolidate a bit against all major currencies before heading higher again.

  • British pound might trade higher during the London session if all goes well.

NZDUSD

The New Zealand dollar finally managed to find a few buyers during this past week and traded above the 0.7800 resistance area against the US dollar. It looks like the NZDUSD pair might continue to trade higher in the near term and might test the 0.7900 resistance area. There is a resistance trend line on the hourly chart, which might act as a hurdle for the pair. The most important point is that the 1.618 extension of the last leg from the 0.7844 high to 0.7788 is around the trend line. So, if the pair trades higher from the current levels, then it might find it difficult to clear the stated trend line.

Intraday Support Level – 0.7790

Intraday Resistance Level – 0.7900

  • Overall, as long as the pair is above the 200 hour MA it might continue trading higher.

A break below the mentioned MA could take the pair towards the 0.7720 level.

If the pair moves lower from here, then the most important support for buyers is around the 200 hour moving average. A break and settle below the same might call for more losses in the short term.

USDCAD

There was no stopping the Canadian dollar, as it continued to move lower against the US dollar. The USDCAD pair even traded towards the 1.1900 resistance area where it failed one time. There is a bullish trend line formed on the hourly chart, which might act as a support for the pair if it moves lower. The pair is comfortably placed above the 100 and 200 hour MA’s which is a strong bullish sign and might take the pair higher. We need to see how the pair trades in the coming session as the FX market sentiment is still in favor of buyers.

Intraday Support Level – 1.1820

Intraday Resistance Level – 1.1900

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

  • A break above the same would call for losses moving ahead.

 

 

    On the upside, a break above the recent high might take the pair towards the 1.1940 level.

Ben Myers

Ben Myers

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

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