Japanese yen continued to struggle against the US dollar, as it managed to gain ground recently, but later trimmed most of its gains to trade in the negative zone one more time.
Japanese National Consumer Price Index i.e. a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services released by the Statistics Bureau registered an increase of 2.2% in February 2015, compared to the last time increase of 2.4%.
Japanese National CPI Ex Food, Energy managed to increase by 2% in February 2015, compared to same month a year ago and the market was expecting it to rise by 2.1%.
Japanese Unemployment Rate which comes from the Ministry of Health, Labour and welfare and it's published by the Japan Statistics Bureau was also around the same time.
Japanese Retail Trade released by the Ministry of Economy, Trade and Industry representing the aggregate sales made through a business location and encompasses the sale of merchandise registered a reading of -1.8% in February 2015, compared to the last reading of -2%.
In terms of the monthly change, it posted a reading of -2.2%, compared to the last decline of 1.3%.
EURGBP was one of the best performing Euro pairs, which climbed higher recently.
The Euro traded higher against the British pound recently, and managed to recover a lot of lost ground. The EURGBP pair cleared an important resistance in the form of the 200 simple moving average on the 4 hour chart. This is a positive sign, plus there is a bullish trend line formed, which acted as a barrier recently and prevented downside in the near term. The 23.6% fib retracement level of the last leg from the 0.7013 low to 0.7386 high is also around the same area.
Intraday Support Level – 0.7300
Intraday Resistance Level – 0.7400
Overall, as long as the pair is above the 200 SMA it might continue trading higher.
A break below the same could ignite more losses moving ahead.
If the EURGBP pair moves higher from the current levels, then the pair might face hurdle around the last swing high of 0.7400. Any further gains might take the pair towards the 0.7440 level.
The New Zealand dollar somehow managed to climb higher against the Swiss franc, but it failed around the 0.7500 area. The NZDCHF pair fell sharply after failing around the mentioned level. Moreover, the pair also breached the 100 simple moving average on the 4-hour chart, which could act as a resistance in the near term. Currently, it is trading around the 50% fib retracement level of the last swing from 0.7053 low to 0.7484 high.
Intraday Support Level – 0.7340
Intraday Resistance Level – 0.7250
Selling rallies around the 100 MA lines look like a good option.
A break above the same might call for more gains moving ahead.
On the downside, initial support is around the 0.7250 levels, and a break below the same could take the pair towards 0.7210.
"Patience is the key for success"
Oliver Miller is one of the best financial analyst with 18 years of online trading experience
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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