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Australian dollar has been on of the more resilient currencies of late. Labour market report today and wage price index a day earlier were fairly solid, giving it further support. AUD/USD is back above 0.75 and appears ready to take out last week's high. Not out of the woods yet but the pair could be on the way to 0.765. As always with this pair, much depends on the U.S. dollar and risk sentiment.
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Loonie breaks 1.25
USD/CAD broke and closed below 1.25 yesterday and stalled there. The level is part of a wider 1.24 - 1.25 support area. Today's labour market reports from both U.S. and Canada will have a big say in whether we'll get a continuation or a pullback from here.
Kiwi pulls back ahead of the FOMC
New Zealand quarterly Employment Change came in as expected, at 0.8%. Unemployment Rate rose to 5.2% on the back of higher Participation Rate (70.5%). Labour Cost Index slightly disappointed at 0.4%.
Kiwi added nearly five cents from the low of 0.6860 in late December and pulled back nearly a full cent after the release of otherwise solid labour market data. Profit-taking after yesterday's surge to 0.7350 and ahead of the FOMC might have been a bigger factor.
Kiwi added nearly five cents from the low of 0.6860 in late December and pulled back nearly a full cent after the release of otherwise solid labour market data. Profit-taking after yesterday's surge to 0.7350 and ahead of the FOMC might have been a bigger factor.
Loonie may retest 1.30 in the days ahead
It may be too early to say but it seems like toppy action in oil may lead to a period of consolidation or a deeper correction. Inability of the Canadian dollar to rally on much better than expected labour market report is also telling.
The pair found support at the 38.2% retracement of the 2011 - 2016 rally last week and posted a reversal pattern on Friday. The immediate resistance is 1.28 (2015 support/resistance line) before 1.2870 (50 DMA) and 1.30.
The pair found support at the 38.2% retracement of the 2011 - 2016 rally last week and posted a reversal pattern on Friday. The immediate resistance is 1.28 (2015 support/resistance line) before 1.2870 (50 DMA) and 1.30.
NFP largely as expected
U.S. dollar failed to make any significant headway after the release of labour market and wages report, which came in solid. The report was good enough to prevent a larger scale dollar selling, which most probably would have come on a weak report.
Yen, Swiss franc and Australian dollar were the gainers and British pound the loser. Euro, Canadian dollar and New Zealand dollar ended the day near unchanged. We'll have to wait until Monday to see how Europe will react but this report didn't change t…
Yen, Swiss franc and Australian dollar were the gainers and British pound the loser. Euro, Canadian dollar and New Zealand dollar ended the day near unchanged. We'll have to wait until Monday to see how Europe will react but this report didn't change t…
Aussie continues to be offered
Australian currency continues to be offered. It so far declined more than a cent from yesterday's high, though it has moved mostly sideways during the past couple of hours. Marginally better than expected labour market report didn't manage to turn the sentiment around.
Cycle-low, set last September near 0.6910, is within reach of few pips and is an immediate support ahead of the April 2009 low (~0.6850) and 0.68 level. Broken 0.6950 level (also previous day and week low) is now acting as a solid…
Cycle-low, set last September near 0.6910, is within reach of few pips and is an immediate support ahead of the April 2009 low (~0.6850) and 0.68 level. Broken 0.6950 level (also previous day and week low) is now acting as a solid…
Aussie at an important juncture
Following much better than expected labour market report, Aussie pulled up from the D1 trendline (drawn off September lows) ahead of 0.70 level. The rally ran out of steam near 50 DMA (currently ~0.7140) which is the first stronger level to overcome if the pair wants to continue higher.
The level coincides with the H4 trendline that connects highs of the last five weeks. If it gives way, 0.7200 - 0.7225 (W1 trendline, November 4th high, 100 DMA) will come into focus. If it holds, the pair will h…
The level coincides with the H4 trendline that connects highs of the last five weeks. If it gives way, 0.7200 - 0.7225 (W1 trendline, November 4th high, 100 DMA) will come into focus. If it holds, the pair will h…
Cable sells off on weak inflation report
Cable rallied in the morning and briefly touched above previous week high (1.5383) before it reversed to fall sharply ahead of inflation report. The report came out weak and suspicious price action before that suggests that it might have been leaked. Dovish comments from two BOE officials didn't help the pair either.
It then fell all the way to 1.52, nearly 200 pips from the high of the day. It broke back below 200 DMA (1.5320) which shall now act as a resistance. We'll see what UK labour market…
It then fell all the way to 1.52, nearly 200 pips from the high of the day. It broke back below 200 DMA (1.5320) which shall now act as a resistance. We'll see what UK labour market…
Cable jumps on hawkish remarks from MPC
Despite soft inflation report, hawkish remarks from Carney & Co. sent Cable more than 150 pips higher yesterday and it added another 20 pips overnight. It broke and is holding above Previous Week High (1.5628) ahead of the labour market report today at 8:30 GMT.
There appears to be some resistance at 1.5650 (late June / early July pivot, Weekly Resistance 1, 50's). 1.57 (Daily Resistance 1, 00's) may prove to be the next before stronger into 1.58 (June pivot, Weekly Resistance 2, 00's).
There appears to be some resistance at 1.5650 (late June / early July pivot, Weekly Resistance 1, 50's). 1.57 (Daily Resistance 1, 00's) may prove to be the next before stronger into 1.58 (June pivot, Weekly Resistance 2, 00's).
Cable the strongest
Cable had a great run as it rose in the last seven out of eight days. It shrugged off weak inflation report, but the labour market report (particularly wages data) and hawkish BOE sent it higher in yesterday's European session. The gains were compounded after the Fed offered too little for the Dollar bulls.
Next resistance may come in between 1.5870 and 1.5900 (200 WMA, 50.0% retracement of July 2014 to April 2015 decline, 1.59 level) before stronger into 1.60. Broken 1.58 level shall now act as…
Next resistance may come in between 1.5870 and 1.5900 (200 WMA, 50.0% retracement of July 2014 to April 2015 decline, 1.59 level) before stronger into 1.60. Broken 1.58 level shall now act as…