Share This Story
Forex Trading StrategiesAUDUSD breaks down late in Asia
The 0.7235 daily base was taken out as the Aussie continues its soft tone, despite last week's dollar weakness.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US Industrial Production Feb, 0.7% vs. 0.8% expected
â€˘ US Capacity Utilization Feb, 81.2% vs. 81.4% expected
â€˘ U. of Michigan Confidence March, 86.7 vs. 81.4% expected
â€˘ UK rightnmove house Prices March, 0.9% slightly weaker than than Feb's. 2.7%
THEMES TO WATCH â€“ UPCOMING SESSION
We do not have much data out today, so we expect the major currency pair to be range bound in the upcoming trading session. It is important if the recent EURUSD rally is to continue that the 1.2092 level remains intact which would increase the likelihood of new highs this week and help and technically support the building of a new base in the 1.2090-1.2135 area.
If the dollar strength should technically play a role this week AUDUSD and GBPUSD looks the most vulnerable to the downside. USDJPY broke key support levels last week and 117.50 is an important resistance level if the pair should take a shot at the 115.50 support area.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.
Please read our full Analysis Disclosure & Disclaimer at www.saxobank.com/analysis/disclaimer.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."