US Dollar Might Weaken Moving Ahead

US Dollar Might Weaken Moving Ahead

By: Oliver Miller | Where To Trade | On:06-04-2015 16:17
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Key Highlights

  • US dollar was seen trading lower this past week on Friday against most major currencies after the nonfarm payrolls report release which highlighted weakness this time and registered reading below 200K.

  • US unemployment rate remained stable at 5.5%, which was a positive thing to note from the report.

  • EURUSD was one of the best performers as it managed to climb above 1.10, but failed to close the week above the mentioned level and it looks like heading back towards the 1.0920 support area.

  • European markets will be mostly closed today due to Easter Monday holiday, so less amount of action can be witnessed in the coming session and US dollar might well stay away from weakening moving ahead.

  • Japanese Leading Economic Index i.e. an economic indicator that consists of 12 indexes such as account inventory ratios, machinery orders, stock prices and other leading economic indicators will be released by the Cabinet Office today which is expected to come in at 105.2 in February 2015.

  • In the US, the ISM Non-Manufacturing Index representing business conditions in the US non-manufacturing sector will be released by the Institute for Supply Management (ISM) today.

USDCAD

The US dollar ranging moves against the Canadian dollar continues this past week, and it again tested an important support area which we highlighted many times. There is a support trend line formed on the 4 hour chart, which acted as a barrier on many occasions. There are a couple worrying signs to note from the chart, including the fact that the pair is below the 100 and 200 simple moving averages (SMA). Another aspect is that the 4H RSI is below the 50 level, which might ignite bearish pressure on the USDCAD pair in the short term. A break below the highlighted support trend line might ignite bearish moves ahead.

Intraday Support Level – 1.2400

Intraday Resistance Level – 1.2560

  • Overall, as long as the pair is above the stated trend line it might continue trading higher.

  • A break below the same could ignite more losses moving ahead.

If the USDCAD pair moves higher from the current levels, then the 200 SMA might act as a hurdle in the short term.

NZDUSD

The New Zealand dollar was seen trading with a positive tone this past week against the US dollar, as it broke an important bearish trend line on the 4-hour chart. One critical point to note is that after consolidating for some time, the NZDUSD pair broker the 100 and 200 simple moving averages (SMA), which encouraged buyers. Currently, the pair is trading around the 76.4% fib retracement level of the last drop from the 0.7696 high to 0.7391 low.

Intraday Support Level – 0.7550

Intraday Resistance Level – 0.7640

  • Buying dips around the 0.7550 level look like a good option.

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

If the NZDUSD pair continues to move higher from the current levels, then the swing area of 0.7640 might act as a resistance.

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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