SILVER after testing the $17.40 level moved lower, but it looks like it managed to gain buyers around an important support area and might continue to move higher in the near term.
Australian TD Securities Inflation estimating inflation in the Australian economy released by The University of Melbourne - Faculty of Economics and Commerce registered a reading of 1.5% in March 2015, compared to same month a year ago and the last reading was of 1.3%.
In terms of the monthly change, the Australian TD Securities Inflation came in at 0.4% in March 2015.
Japanese Securities investment, released by Ministry of Finance representing bonds issued in a domestic market by a foreign entity in the domestic market’s currency and detailing the flows from the public sector excluding Bank of Japan registered a reading of ¥1,017.2B whereas the last one was ¥765.5B.
Japanese Foreign investment in Japan stocks i.e. the net data shows the difference of capital inflow and outflow was also released, which posted a reading of ¥-35.1B, compared to the last reading of ¥-352.8B.
Australian trade balance i.e. the difference between the value of country's exports and imports released by the Australian Bureau of Statistics posted a trade deficit of -1,256M in February 2015, compared to the preceding month and the market was expecting it post a deficit of -1,300M.
Australian exports and imports came in at 1% and 2% respectively in February 2015.
The Aussie dollar was hammered this week against the US dollar, as it broke an important support trend line on the 4-hour chart. The AUDUSD pair is now trading below the 100 and 200 simple moving averages (4H), which is a bearish sign in the short term. The pair already made an attempt to correct higher, but failed around the broken trend line. It might make one more attempt, but could fail around the 0.7670-80 levels.
Intraday Support Level – 0.7580
Intraday Resistance Level – 0.7670
Overall, as long as the pair is below the broken trend line it might continue trading lower.
A break above the same could ignite more gains moving ahead.
If the AUDUSD pair continues to move lower from here, then the last low of 0.7580 might come into action again moving ahead.
SILVER managed to gain bids recently after the recent poor economic data. Earlier, it moved lower to test the 50% fib retracement level of the last leg from the $15.40 low to $17.36 high. It found buyers around the mentioned fib level and surged higher. There was a bearish trend line on the 4-hour chart of SILVER, which was breached and paved the way for more gains in the near term.
Intraday Support Level – $16.40
Intraday Resistance Level – $17.00
Buying dips around the $16.40 level look like a good option.
A break below the same might call for more losses moving ahead.
If the SILVER continues to move higher, then the next level of interest can be around $17 where sellers might appear.
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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