USD – US News Set to Generate Dollar Volatility
A significantly lower than expected US unemployment claims figure helped give the dollar a boost against its safe-haven currency rival, the Japanese yen, yesterday. The USD/JPY advanced close to 50 pips during the European session, eventually reaching as high as 78.58 before dropping back to the 78.50 level. The news was not all positive for the dollar though. Risk taking among investors sent the USD/CHF down more than 60 pips during mid-day trading to trade as low as 0.9335.
Today, dollar traders will want to pay attention to several potentially significant US economic indicators, including the PPI and UoM Consumer Sentiment figures. Should either of the indicators come in above their forecasted levels, the dollar may be able to extend its bullish trend against the yen. At the same time, traders will want to remember that any better than expected news could boost confidence in the global economic recovery, which may lead to dollar losses against higher yielding assets like the euro and AUD.
| AUD/USD intraday: supported by a rising trend line. |
Pivot: 1.024
Our preference: Long positions above 1.024 with targets @ 1.0295 & 1.0325 in extension. Alternative scenario: Below 1.024 look for further downside with 1.0215 & 1.018 as targets. Comment: the RSI is bullish and calls for further upside. |
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Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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