US Dollar Retreats after Gains

US Dollar Retreats after Gains

By: Darryl Frankfort | Where To Trade | On:08-04-2015 17:01
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Key Highlights

  • US dollar traded higher recently against most major currencies, but failed to sustain the momentum and fell back one more time as seller’s sentiment was boosted.

  • US Consumer Credit i.e. is an amount of money that individuals borrowed released by the Board of Governors of the Federal Reserve registered a reading of $15.52B in February 2015, compared to last reading of $11.56B and the forex market was expecting it to stay at $12.50B.

  • UK British Retail Consortium (BRC) Shop Price Index representing price changes in the popular retail outlets in the UK registered reading of -2.1% in March 2015, compared to the preceding month.

  • Japanese Current Account i.e. a net flow of current transactions, including goods, services released by the Ministry of Finance came in at ¥1,440.1B in February 2015, compared to last reading of ¥61.4B.

  • Japanese Trade Balance, which is a measure of balance amount between import and export released by the Customs Office registered a reading of ¥-143.1B in February 2015, compared to last ¥-864.2B.

  • Japanese official monetary policy statement will be released by the Policy Board of the Bank of Japan, which might act as a catalyst for the Japanese yen in the near term.

  • Japanese Eco Watchers Survey will be released by the Cabinet Office today for March 2015.

  • EURUSD remained lower and looks like it might struggle in the near term.

GBPUSD

The British pound gained recently and traded higher against the US dollar. The GBPUSD pair managed to clear an important bearish trend line on the 4-hour chart, which then cleared the way for more gains in the near term. The pair also closed above the 100 simple moving average, which later acted as a support for the pair. There is one more hurdle on the way up for the pair as the 200 SMA is around 1.5040 which has the potential to protect the upside.

Intraday Support Level – 1.4820

Intraday Resistance Level – 1.4960

  • Overall, as long as the pair is above the 100 SMA (4H) it might continue trading higher.

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

If the GBPUSD pair continues to move lower from the current levels, then the 100 SMA might come into play once again.

USDCHF

The US dollar traded lower initially against the Swiss franc, but later managed to recover ground to trade back above the 0.9600 level. The USDCHF pair also breached a critical bearish trend line on the 4-hour chart, which might help the US dollar buyers moving ahead. Currently, the pair is trading around the 23.6% fib retracement level of the last leg from the 1.0088 high to 0.9478 low.

Intraday Support Level – 0.9540

Intraday Resistance Level – 0.9680

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

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

If the USDCHF pair continues to surge higher in the short term, then then the 100 and 200 SMA (4H) confluence area might act as a barrier.

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

AUDUSD Remains Buy On Dips

By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

US Dollar Poised For Further Rise Versus Yen

By: James Ansher | Where To Trade | On:28-04-2015 10:58

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.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

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.

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