NZDUSD and USDCAD Struggling Around Key Resistance Area

NZDUSD and USDCAD Struggling Around Key Resistance Area

By: James Ansher | Where To Trade | On:02-03-2015 10:08
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Key Highlights

  • NZDUSD and USDCAD pairs looks like struggling around important resistance area, which might ignite losses in both the pairs.

  • Chinese NBS Manufacturing Purchasing Managers Index (PMI) released by the China Federation of Logistics and Purchasing (CFLP) increased from the last reading of 49.8 to 49.9 in February whereas the market was expecting it to stay at 49.8.

  • Chinese official non-manufacturing PMI was also released, which came in at 53.9 in February 2015, compared to the last reading of 53.7.

  • New Zealand Terms of Trade Index i.e. a measure of balance amount between import and export released by the Statistics New Zealand registered a reading of -1.9%, compared to the expectation of a decline by 3% in the fourth quarter of 2014.

  • Australian AIG performance of the Mfg Index released by the Australian Industry Group registered a reading of 45.4 in February 2015, compared to the last reading of 49.

  • Australian Securities Inflation released by The University of Melbourne - Faculty of Economics and Commerce registered a reading of 0% in February 2015, compared to last reading of 0.1%.

  • Australian HIA New Home Sales released by the Housing Industry Association came in at 1.8% in January 2015, compared to the last reading of -1.9%

NZDUSD

The New Zealand dollar traded higher this past week against the US dollar, but the NZDUSD pair stalled around an important resistance area. There is also a bearish trend line on the daily chart, which is acting as a resistance for the pair. However, there is a critical point to note as the daily RSI is well above the 50 level, which means the pair could move higher in the near term if buyers take control. One more bearish sign is that the 61.8% fib retracement level of the last leg is also around the highlighted trend line.

Intraday Support Level – 133.00

Intraday Resistance Level – 134.20

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

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

If the NZDUSD pair moves lower from the current levels, then the 0.7480-50 support area might act as a hurdle in the short term.

USDCAD

The US dollar made an attempt to move higher against the Canadian dollar, but failed to break an important bearish trend line on the daily chart. The highlighted trend line acted as a barrier and stalled upside in the USDCAD pair. Currently, the pair is finding support around the 38.2% fib retracement level of the last leg from the 1.1660 low to 1.2800 high. Let us see how it trades in the near term.

Intraday Support Level – 1.2420

Intraday Resistance Level – 1.2550

  • Buying dips around the 1.2400 support area look like a good option.

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

On the upside, a break above the 1.2550 level or the highlighted trend line might ignite sharp gains in the USDCAD pair.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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