US Dollar Continues To Fell Sharply

US Dollar Continues To Fell Sharply

By: Simon Furman | Where To Trade | On:16-10-2014 00:39
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Key Highlights

  • US dollar continued to trade lower against the Euro, British pound, yen, Swiss franc and the Aussies dollar.
  • Dollar broke a key support area to trade spike lower.
  • New Zealand business PMI released during the Asian session registered an increase from 57.0 to 58.1.
  • Australian Consumer Inflation Expectation released by the Melbourne Institute came in at 3.4%, down from the previous reading of 3.5%.
  • Chinese New loans, released by People's Bank of China came better than expected.
  • AUDUSD pair looks set for one more test of 200 hourly moving average in the short term.

 

AUDUSD

The Australian dollar spiked higher against the US dollar yesterday and managed to settle above an important resistance area in the form of 100 and 200 moving averages. However, the upside in the AUDUSD pair stalled around a bearish trend line on the hourly chart. The pair fell back again, but managed to hold the 0.8740-60 area. There is a chance that it might move a bit lower from the current levels towards the 100 or 200 moving average before climbing higher again. There is no doubt that the 0.8850 area is acting as a strong resistance for the pair and it would be really tough for the Aussie dollar buyers to pierce it. A break above the same could call for a move towards the 0.8900 level.

Intraday Support Level – 0.8760

Intraday Resistance Level – 0.8850

  • Overall, as long as the pair stays above the 100 MA it remains in the bullish zone.
  • Buyers need to break the highlighted trend line for more gains.

 

Where To Trade - AUDUSD - 16-10-2014

 

Alternatively, if the AUDUSD pair settles below the 100 and 200 moving averages, then it would negate the bearish view and might call for more losses in the short term.

 

SILVER

SILVER and GOLD also took the advantage of the US dollar weakness. SILVER traded above the $17.50 level and broke an important bearish trend line on the hourly chart. However, that particular break turned out to be a false one as it traded back below the mentioned trend line. SILVER buyers are again trying to break the same, but struggling to pierce it. If somehow buyers manage to break the mentioned resistance area and SILVER settles above the same, then a move towards the yesterday’s high is possible in the near term. We need to how the market and the US dollar behave in the upcoming sessions for a break. There is even a chance that SIVLER fails to break higher and moves lower towards the 200 hourly moving average.

Intraday Support Level – $17.50

Intraday Resistance Level – $17.25

  • A struggle to break $17.50 might call for a correction moving ahead.
  • 100 MA and 200 MA might act as a support in the short term.

Where TO Trade - SILVER - 16-10-2014

 

The hourly RSI and MACD indicators are in the positive zone, which favor more gains as long as buyers remain in charge. One might consider buying SILVER if it successfully closes above the highlighted resistance area with a stop below the 100 MA.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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