US Dollar Accelerates Higher But Stays Below Critical Area

US Dollar Accelerates Higher But Stays Below Critical Area

By: Ben Myers | Where To Trade | On:04-03-2015 10:29
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Key Highlights

  • US dollar accelerated higher against the Euro and the British pound, but stays below critical resistance area and it would be interesting to see how it trades moving ahead.

  • Australia AIG Performance of Services Index released by the Australian Industry Group, which encompasses business conditions in the Australian service sector registered a reading of 51.7 in February 2015, compared to the last reading of 49.9.

  • British Retail Consortium (BRC) Shop Price Index representing price changes in the popular retail outlets in the UK registered a reading of -1.7% in February, compared to last decrease of 1.3%.

  • Australian Gross Domestic Product released by the Australian Bureau of Statistics registered a gain of 0.5% in the fourth quarter of 2014, compared to the preceding quarter.

  • In terms of the yearly change, the Australian GDP increased by 2.5% in the fourth quarter of 2014, compared to the same quarter of the preceding year.

  • Japanese Services Purchasing Managers Index (PMI) released by Markit Economics came in at 48.5 in February 2015, compared to the last reading of 51.3.

  • Chinese HSBC China Services PMI released by Markit Economics came in at 52 in February 2015, compared to the last reading of 51.8.

GBPUSD

The British pound traded lower recently against the US dollar, and traded towards the 1.5350 support area where buyers managed hold the downside. There was a bullish trend line on the 4 hour chart, which was broken recently. The pair is attempting to correct higher after finding bids around the 1.5350-20 support area. However, the British pound buyers might struggle to clear the broken trend line, which could act as a resistance in the near term. The 38.2% fib retracement level of the last leg from the 1.5551 high to recent low is also sitting around the same trend line.

Intraday Support Level – 1.5320

Intraday Resistance Level – 1.5450

  • Overall, as long as the pair is below the 38.2% fib level it might continue trading lower.

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

If the GBPUSD pair moves lower from the current levels, then the last low might act as a hurdle in the short term.

USDCHF

The US dollar surged higher against the Swiss franc and traded above the 0.9600 level. There is a bullish trend line on the 4 hour chart of the USDCHF pair, which might act as a support for the pair in the near term. The pair might correct lower from the current levels, but it could find support around the 23.6% fib retracement level of the last leg from the 0.9289 low to 0.9615 high, which also coincides with the highlighted trend line.

Intraday Support Level – 0.9540

Intraday Resistance Level – 0.9620

  • Buying dips around the trend line look like a good option.

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

On the upside, a break above the last high of 0.9620 might ignite more gains in the USDCHF pair in the near term.

Ben Myers

Ben Myers

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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