Selling Rallies in USDCAD Preferred

Selling Rallies in USDCAD Preferred

By: Oliver Miller | Where To Trade | On:20-04-2015 09:50
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Key Highlights

  • US dollar fell sharply against the Canadian dollar and tested the 1.2100 support area and currently making an attempt to correct higher in the near term, but might find resistance on the way up.

  • New Zealand Consumer Price Index i.e. a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services released by the Statistics New Zealand registered a reading of -0.3% in the first quarter of 2015, compared to the last -0.2%.

  • In terms of the yearly change, the New Zealand Consumer Price Index posted a reading of 0.1% in the first quarter of 2015, compared to the same quarter a year ago in which it was 0.8%.

  • UK Rightmove House Price Index provides a sample of residential property prices in the UK posted a reading of 1.6% in April 2015, compared to the preceding month and the last reading was of 1%.

  • In terms of the yearly, the UK Rightmove House Price Index registered a reading of 4.7% in April 2015, compared to the same month a year ago.

  • Japanese Tertiary Industry Index indicating the domestic service sector in Japan released by the Ministry of Economy, Trade and Industry came in at 0.3% in February 2015.

USDCAD

The US dollar as mentioned declined against the Canadian dollar until it found support around the 1.2100 levels. There was a support trend line formed on the 4-hour chart of the USDCAD pair which was breached by sellers. However, the pair is making an attempt to correct higher in the near term, but might find resistance around the broken trend line. Moreover, the 38.2% fib retracement level of the last leg from the 1.2664 high to 1.2085 low is also around the same area. In short, there is a major resistance forming around 1.2300-50 area where sellers could appear again.

Intraday Support Level – 1.2160

Intraday Resistance Level – 1.2320

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

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

If the USDCAD moves lower from the current levels, then the 1.2180 level might act as a support ahead.

NZDUSD

There were sharp gains noted in the NZDUSD pair this past week, which stalled around the 0.7740 level. There was a reaction noted around the mentioned area and currently moving lower. There was a bearish trend line formed on the 4-hour chart, which was breached by buyers. The 100 simple moving average was also broken suggesting that buyers are here to stay in the near term. The 38.2% fib level of the last leg might come into play if the pair corrects lower.

Intraday Support Level – 0.7620

Intraday Resistance Level – 0.7740

  • Buying dips around the 38.2% fib level looks like a good option.

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

On the upside, the 0.7740 swing level might act as a resistance and a break above it could take it towards 0.7800.

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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