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USD STRONG IN ASIAN TRADING

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USD STRONG IN ASIAN TRADING

March 6 2015, 8.50am GMT

STOCK.com

The U.S dollar made small gains against all major Asian trading currencies on Friday morning GMT.

Markets are waiting for U.S data on Friday afternoon, specifically the Unemployment Rate (Feb) with expectations for a lowering of the figure from 5.7% to 5.6% thereby reversing January’s figure of 5.7% back on the downward path that the labour market has enjoyed since November 2011 when the unemployment rate started falling from 9%. If unemployment stays on track, which is one of the core principals behind the FED’s economic recovery plan, the Federal Reserve may be more inclined to hike the interest rate as soon as June.

USDJYP – Pushing against the Yen, the dollar saw an initial drop to 119.916 only to retrace up to 120.126. As Prime Minister Shinzo Abe continues his economic plan of pumping cash through quantitative easing, stocks benefit and the Yen slips further to give the country an advantage in export prices. Since September 2012, the yen has fallen against the USD by almost 55%.

Day Trading Strategies - Bullish scenario: Long positions above the daily pivot point 120.05 with targets at 120.45 next 120.80 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 120.05 with targets at 119.65 next 119.25 in extension.

Daily Chart Support and Resistance levels - Resistance: 120.30, 120.50, 120.75, 121.70

Support: 119.35, 118.25, 118.00, 116.85, 115.85, 115.50

MT4 Chart: USDJYP

usdjpy ON STOCK.COM

USDCAD – At the end of February the USDCAD fell when the Bank of Canada Governor Poloz reported net negative effects of low oil prices for the economy, and the CAD gained on lack of economic growth and a recent rate cut. At the time, the USDCAD fell to 1.23860 but the strength of the U.S dollar supported its position and Friday morning saw levels of 1.24874.

Day Trading Strategies - Bullish scenario: Long positions above the daily pivot point 1.2355 with targets at 1.2535 next 1.2580 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 1.2355 with targets at 1.2420 next 1.2355 in extension.

Daily Chart Support and Resistance levels - Resistance: 1.2565, 1.2670, 1.2700, 1.2790, 1.2810, 1.2920, 1.3000

Support: 1.2350, 1.2045, 1.2020, 1.1875, 1.1795, 1.1670

MT4 Chart: USDCAD

USDCAD on STOCK.com

NZDUSD – Investors supported a USD rally on Friday morning as the greenback made gains across most currencies including the Kiwi, which had maintained an equal position in night trading. This was following the European Central Bank announcement that the bank’s programme to sell bonds would commence on 9 March. Friday morning saw muted gains for the greenback with the NZDUSD falling from 0.74952 to 0.74556.

Day Trading Strategies -Bullish scenario: Long positions above the daily pivot point 0.7515 with targets at 0.7570 next 0.7655 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7515 with targets at 0.7430 next 0.7370 in extension.

Daily Chart Support and Resistance levels - Resistance: 0.7610, 0.7670, 0.7795, 0.7890

Support: 0.7500, 0.7420, 0.7325, 0.7290, 0.7190, 0.7170

MT4 Chart: NZDUSD

NZDUSD on STOCK.com

AUDUSD – the pair retraced gains for the Aussie from Thursday on the back of the USD global rally leveling back to Thursday’s range round 0.77945.

Day Trading Strategies - Bullish scenario: Long positions above the daily pivot point 0.7795 with targets at 0.7830 next 0.7880 in extension.

Alternatively, Bearish scenario: Short positions below the daily pivot point 0.7795 with targets at 0.7745 next 0.7705 in extension.

Daily Chart Support and Resistance levels - Resistance: 0.7915, 0.8035, 0.8090, 0.8160, 0.8295, 0.8375

Support: 0.7739, 0.7625, 0.7580, 0.7460

MT4 Chart: AUDUSD

AUDUSD on STOCK.com

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