NZDUSD Worst Performer And USDCAD Best

NZDUSD Worst Performer And USDCAD Best

By: Oliver Miller | Where To Trade | On:24-02-2015 16:06
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Key Highlights

  • New Zealand dollar blasted lower against the US dollar and broke the 0.7450 support area.

  • Euro also weakened and traded back towards the 1.1300-10 support area.

  • Gross Domestic Product released by the Statistisches Bundesamt Deutschland registered a rise of 0.7% in the fourth quarter of 2014, compared to the last reading of 0.1%.

  • In terms of the yearly change, the German GDP gained by 1.6% in the fourth quarter of 2014.

  • France Business Climate released by INSEE came in at 99 as expected by the forex market, but the last reading was revised up from 99 to 100 in February 2015.

  • Swiss Employment Level released by the Swiss Statistics came in at 4.231M in the fourth quarter of 2014, compared to the reading of 4.227M.

  • GBPUSD managed to remain above the 1.5400 support area which is a positive sign.

  • EURUSD testing an important support around the 1.0720 level where buyers might appear.

German GDP

Today during the London session, the Gross Domestic Product was released by the Statistisches Bundesamt Deutschland. The market was expecting an increase of 0.7% in the fourth quarter of 2014, compared to the third quarter of 2014. The outcome was as expected, but there was not positive reaction from the EURUSD pair. The report mentioned that following a dynamic start into the year and then weakness in summer, the German GDP gained towards the end of the year. Overall, there was an increase of 1.6% increase for the whole of 2014, which is on the higher side compared to the reported gain earlier.

Moreover, if when we consider the quarterly change, then positive contributions were made from the domestic demand, as the final consumption expenditure of households jumped by 0.8%. Furthermore, there were some gains observed for fixed capital formation as well. When we consider the yearly change, then contributions to growth were mainly made by domestic demand, as the household final consumption expenditure rose by 1.7%.

France Business Climate

The Business Climate was released by INSEE in France. The market was expecting no change in the Business Climate in February 2015. The outcome was as expected, as it came in at 99. However, there was a positive to note as the last reading was revised up from 99 to 100. The report mentioned that the manufacture of food products and beverages registered a minor decline, but managed to stay above the long term average.

Technical Outlook – EURCHF

The Euro managed to trade higher against the Swiss franc, but it looks like buyers are struggling to clear the 1.0800 resistance area. The EURCHF pair failed on two occasions to break the mentioned area, which ignited a downside reaction. However, the uptrend might not over just yet as long as the pair is above the 1.0700-10 support area.

Some other pairs to watch during the coming sessions, include USDCHF and GBPCHF. The Swiss franc is under bearish pressure, which means these pairs might trade higher in the near term.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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