Euro’s break of 1.10 was very critical and ignited sharp downside reaction in the near term, which poses risk of more losses moving ahead.
In the New Zealand, the Electronic Card Retail Sales measuring purchases made in New Zealand on debit, credit and store cards was reported by Statistics New Zealand, which registered a reading of 1% in February, compared to the preceding month in which it declined by 0.4%.
In terms of the yearly change the Electronic Card Retail Sales rose by 3.8% in February 2015.
Japanese Bank Money Supply M2+CD released by the Bank of Japan registered a reading of 3.5% in February 2015, compared to the market’s expectation of an increase of 3.5%.
British Retail Consortium (BRC) Retail Sales Monitor came in at 0.2% in February 2015.
Chinese Consumer Price Index released by the National Bureau of Statistics of China registered an increase of 1.2% in February 2015, compared to the last month in which it gained by 0.3%.
In terms of the yearly change the Chinese CPI rose by 1.4% in February 2015.
Chinese Producer Price Index was also released around the same, which registered a decline of 4.8% in February 2015 whereas the market was expecting a decline of 4.3%.
Euro’s slide paused starting this week against the US dollar, as it found support around the 1.0820 area. The EURUSD is currently making an attempt to correct higher in the near term, but there are many barriers on the way up for the pair. There is a bearish trend line formed on the 4 hour chart of the EURUSD pair, which might prevent upside if the pair moves higher from the current levels. Moreover, the 38.2% fib retracement level of the last drop from the 1.1237 high is also around the highlighted trend line. So, there is a solid resistance around the 1.0940-80 area.
Intraday Support Level – 1.0800
Intraday Resistance Level – 1.0900
Overall, as long as the pair is below the highlighted trend line it might continue trading lower.
A break above the same could ignite more gains moving ahead.
If the EURUSD pair continues to move lower from the current levels, then the last low of 1.0800 might come into play.
The British pound lost the plot against the US dollar, but managed to stay around the elevated levels against the Swiss franc. There are a couple of important support trend lines formed on the 4 hour chart of the GBPCHF pair, which are likely to hold the downside if the pair moves lower from the current levels. Overall, the trend looks bullish for the pair and there are chances of more gains in the near term towards the 1.4950 level.
Intraday Support Level – 1.4840
Intraday Resistance Level – 1.4950
Buying dips around the support trend lines look like a good option.
A break below the same might call for more losses moving ahead.
On the upside, the last swing high is the level to watch for as a break above could take GBPCHF towards 1.50.
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.
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.