US Dollar Likely To Stay On Top

US Dollar Likely To Stay On Top

By: Oliver Miller | Where To Trade | On:13-04-2015 17:25
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Key Highlights

  • US dollar regained bids against almost all major currencies, as there was an increase in buying interest developed for the greenback which took it higher this past week.

  • In New Zealand, the Electronic Card Retail Sales representing purchases made in New Zealand on debit, credit and store cards reported by Statistics New Zealand came in at 0.8% in March 2015.

  • In terms of the yearly change, the Electronic Card Retail Sales managed to register an increase of 3.7% in March 2015, compared to same month a year ago and the last gain was of 3.8%.

  • Japanese Domestic Corporate Goods Price Index i.e. measure of prices for goods purchased by domestic corporates in Japan released by the Bank of Japan registered a reading of 0.7% in March 2015, compared to the same month a year ago and the last reading was of 0.5%.

  • Japanese New orders representing the total value of machinery orders placed at major manufacturers in Japan released by the Cabinet Office posted a decline of 0.4% in March, compared to previous -1.7%.

  • In terms of the yearly change, the Japanese New orders managed to post an increase of 5.9% in March 2015, compared to same month a year ago and the last increase was of 1.9%.

  • New Zealand dollar managed to hold the ground against the US dollar, but remains at risk.

USDCAD

The US dollar climbed against the Canadian dollar this past week, but the employment report published in Canada helped CAD going into the weekend. There was a sharp buying interest developed for the Canadian dollar, and as a result the USDCAD pair traded lower. Earlier, there was a bearish trend line formed on the 4-hour chart, which was broken and paved the way for more gains. However, the pair is again moving lower and the best part is that the 100 and 200 simple moving averages are challenged. If the pair settles below them more losses are possible.

Intraday Support Level – 1.2500

Intraday Resistance Level – 1.2600

  • Overall, as long as the pair is below the 200 SMA it might continue trading lower.

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

If the USDCAD pair fails to settle below the 100 SMA (4H), then it might re-gain bullish bias.

NZDUSD

The New Zealand dollar traded higher against the US dollar, but failed to move above an important bearish trend line formed on the 4-hour chart. However, there are some positive signs to note including the fact that the pair is above the 200 and 100 simple moving averages (SMA), which might help the pair moving ahead.

Intraday Support Level – 0.7590

Intraday Resistance Level – 0.7480

  • Selling rallies around the bearish trend line looks like a good option.

  • A break above the same might call for more gains moving ahead.

If the NZDUSD pair moves lower from the current levels and fails to hold the 200 SMA, then it might suggest a change of trend 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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