NZDUSD ? 0.7600 Is Pivot Area Moving Ahead

NZDUSD ? 0.7600 Is Pivot Area Moving Ahead

By: James Ansher | Where To Trade | On:16-03-2015 12:06
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Key Highlights

  • US dollar stayed on the top this past week, but there is a hope emerging in pairs such as NZDUSD, which has the potential to correct higher moving ahead if buyers manage to clear an important resistance.

  • In the UK, the Rightmove House Price Index representing the strength of the UK housing market, which can be considered as the economy as a whole due to property prices' sensitivity to changes in the business cycle registered a reading of 5.4% in March 2015, compared to the same month a year ago.

  • In terms of the monthly change the UK Rightmove House Price Index came in at 1% in March 2015.

  • Australian New Motor Vehicle Sales measuring motor vehicle sales in Australia also considered as an indicator for consumer confidence released by the Australian Bureau of Statistics posted a reading of 4.1% in February 2015, compared to the same month a year ago and the last time gain was of 2%.

  • In terms of the monthly change the Australian New Motor Vehicle Sales came in at 2.9% in March 2015.

  • US industrial production is an important release lined up today which can cause some moves in US dollar.

NZDUSD

There was a broken trend line on the daily time frame which we highlighted this past week. It acted as a resistance as we were hoping. The NZDUSD pair dived sharply and almost traded the last swing low of 0.7220. The pair managed to hold the mentioned level and currently looks like setting up for a correction. The question which holds the importance now is whether it is forming a double bottom pattern on the daily timeframe. If this stands true, then there is change of a major correction in the near term. However, there is a major resistance around the 0.7600 level, which holds the key for more upsides moving ahead.

Intraday Support Level – 0.7300

Intraday Resistance Level – 0.7420

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

  • A break above the 0.7600 level could ignite more gains moving ahead.

If the NZDUSD pair continues to move lower from the current levels, then a test of 0.7180 support area is possible in the near term where buyers might take a stand again.

USDCAD

Similar to the USDCAD pair we plotted a bearish trend line on the daily chart of the USDCAD pair. The same trend line acted as a catalyst for the pair for a move higher. The USDCAD surged higher and traded towards the 1.2800 resistance area where the US dollar buyers failed to gain traction. Let us see how the pair trades in the near term and can is break and settle above the 1.2800-20 area.

Intraday Support Level – 1.2720

Intraday Resistance Level – 1.2820

  • Buying dips around the 1.2700 level look like a good option.

  • A break below the same might call for more losses moving ahead.

On the upside, the USDCAD pair might challenge the 1.30 moving ahead.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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