IKOFX Daily Market Analysis

[team.ikofx]

AUDUSD Heading Towards Pivot Area

The Australian dollar fell sharply recently against the US dollar, and one of the main reasons for the same was the sifter than expected Chinese trade balance report. However, the AUDUSD pair managed to find buyers around the 0.7550 levels, and currently making an attempt to correct higher. We need to see how long the pair can stay on the top and hold the downside. There was a release lined up in Australia, as the NAB´s Business Conditions pointing at trading, profitability and employment conditions in Australia was released by the National Australia Bank. It registered an increase from the last reading of 2 to 6 in March 2015.

There is a monster bearish trend line formed on the hourly chart of the AUDUSD pair, which might act as a pivot area for the pair. If the pair heads higher, then it might test the highlighted trend line. There is a critical point to note i.e. the 50% fib retracement level of the last leg from the 0.7694 high to 0.7550 low is also around the same trend line. So, one could say that the 0.7625 level is a major barrier for the AUDUSD pair. Moreover, the 200 hourly simple moving average is also above the trend line waiting to act as a hurdle for the pair. So, the chances of AUDUSD moving lower are more compared to a break higher.

If the AUDUSD pair moves lower from the current levels, then initial support is around 0.7580, followed by the last low of 0.7550.

Overall, one might consider selling rallies in the AUDUSD pair as long as it is below the highlighted trend line.

-------------------------------------
Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

EURAUD Might Present a Buying Opportunity

The Euro surged higher against the Aussie dollar as the latter one got weakened recently. The EURAUD pair climbed higher, but found resistance around an important area. It is currently correcting lower and might present a buying opportunity in the near term. There was a release lined up in Australian during the Asian session, as the Westpac Consumer Confidence pointing the level of sentiment that individuals have in economic activity reflecting respondents' evaluations of their family finances over the past and coming year was released by the Faculty of Economics and Commerce Melbourne Institute. It registered a decline from the last reading of 99.5 to 96.2.

There is a major resistance trend line formed on the hourly chart of the EURAUD pair, which acted as a hurdle recently and caused a downside reaction. The pair is currently moving lower, but could find support around the 50% fib retracement level of the last leg from the 1.3837 low to 1.4018 high. However, there is no doubt that the highlighted trend line is a major barrier for the pair and might continue to stall the upside in the EURAUD pair. If it manages to settle above the same, then it might head towards the 1.4050 level. Any further gains might be limited as there is hardly any reason for the Euro to gain a lot in the near term.

If the EURAUD pair moves lower from the current levels, then 100 simple moving average might also come into play and help buyers.

Overall, one might consider selling rallies in the EURAUD pair as long as it is below the highlighted trend line.

-------------------------------------
Posted By IKOFX Technical Team: Online Forex Broker

 

[bellafx]

Mr.team.ikofx is there any chart for this week ??

 

[team.ikofx]

Buy Dips In $NZDUSD

The New Zealand dollar performed well against the US dollar recently and broke an important resistance area to trade higher. There was a lot of buying interest seen in the NZDUSD pair, which helped the pair in the near term. There was an important event lined up in Australia as the Employment Change, which is a measure of the change in the number of employed people in Australia was released by the Australian Bureau of Statistics. The outcome was above the expectation, as the employment change came in at 37.7K, more than the market forecasted for March 2015. This helped the Aussie and New Zealand dollar both.

There was a critical bearish trend line formed on the hourly chart of the NZDUSD pair, which was broken earlier during the Asian session to open the doors for more gains in the near term. The upside was stalled around the 0.7626 level, which opens the chance of a minor correction in the short term. The broken trend line might act as a support for the pair, which is now coinciding with the 38.2% fib retracement level of the last leg from the 0.7488 low to 0.7626 high. So, in short the 0.7570 level is a major support area for the NZDUSD pair and might be considered as a buy zone moving ahead. The hourly RSI is around overbought levels pointing a correction in the short term.

If the NZDUSD pair moves higher, then a break above 0.7625 might take it towards 0.7650.

Overall, one might consider buying dips in the NZDUSD pair as long as it is above the broken trend line.

-------------------------------------
Posted By IKOFX Technical Team: Online Forex Broker