US Dollar Poised For Further Rise Versus Yen
Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.
RBA Governor Glenn Stevens spoke earlier during the Asian session, but the Aussie dollar was not affected that much and still remains at risk of a break lower in the near term.
Japanese Retail Trade representing the aggregate sales made through a business location and encompasses the sale of merchandise released by the Ministry of Economy, Trade and Industry managed to post a reading of -1.9% in March 2015, compared to the last reading of -2.2%.
Considering the monthly change, the Japanese Retail Trade registered a reading of -9.7% in March 2015, compared to the same month a year ago and expectation was of a 7.3% decline.
Japanese Large Retailers' Sales, which helps in measuring the total value of goods sold in large stores, chain convenience stores, and supermarkets released by the Ministry of Economy, Trade and Industry came in at -13% in March 2015, compared to the last reading of 1.3%.
US Consumer Confidence is major risk event lined up today, which is forecasted to increase to 102.5.
The Euro after trading lower towards the 0.7115 level against the British Pound managed to trade higher in the near term. However, the correction was stalled around a bearish trend line on the 4-hour chart of the EURGBP pair. Moreover, the upside was stalled around the 38.2% fib retracement level of the last leg from the 0.7377 high to 0.7115 low. Moreover, the 100 and 200 simple moving averages are aligned with the 50% fib retracement level, which can be considered as an important pivot level. If the EURGBP pair breaks the highlighted trend line, then a move towards the 200 SMA is possible.
Intraday Support Level – 0.7115
Intraday Resistance Level – 0.7200
Overall, as long as the pair is below the highlighted trend line it might continue moving higher.
A break above the same could ignite more gains in the short term.
On the downside, the last low of 0.7115 might play an important role for more losses moving ahead.
The British Pound continued to trade higher towards the 1.4600 level against the Swiss Franc, but failed to trade higher above it. It later dived and tested the 1.4350 level and found support around the 61.8% fib retracement level of the last leg from the 1.4193 low to 1.4604 high. One good thing is that the GBPCHF pair traded above the 200 simple moving average on the 4-hour chart. It looks like the pair is heading towards the last high.
Intraday Support Level – 1.4440
Intraday Resistance Level – 1.4600
Buying dips around the 200 SMA looks like a good option.
A break below the same might call for more losses.
If the GBPCHF pair climbs towards the last high of 1.4600, then it would be interesting to see how sellers would react.
When there is a will there is a trade
A successful Forex trader and expert advisor
New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.
US dollar traded sharply lower recently against a basket of currencies as the recent economic releases in the US missed the mark and ignited a correction phase in the US dollar in the short term.
Taking into account today’s volatile economy GTCM endeavors to provide its clients with a secure trading environment and strong financial services. We aim to establish a strong relationship with our customers by providing them with ease, transparency and accountability on all their account activities
Banc De Binary is home to the 21st century investor. Founded in the wake of the 2008 financial crisis, we set out to provide the simplest, most profitable trading solutions, and have built a following among customers in over 80 countries worldwide. Today, we provide access to the financial markets via our online binary options platform to 250,000 account holders. As a World Finance listed company and multi award-winning firm, we are proud to be able to guarantee a safe and risk-controlled environment for all our valued clients.
HY Markets is a market leader in providing retail and institutional investors with access to foreign exchange and other capital markets. With HY Markets you can trade forex, metals such as gold and silver, energy products such as US oil and natural gas, commodities, indices as well as stocks, all from a single integrated account.
Ikon Markets are an online trading service provider affiliated to the Ikon Group, an acclaimed global network for online financial trading. Prior to the introduction of our online segment. We, at Ikon, have had many years of experience in providing financial trading services to institutional investors, such as banks, large financial institutions and mutual fund companies.