OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/USD absorbs 1.3025/50 supply; bullish case strengthens

FXstreet.com (Barcelona) - The Euro is charging higher along the Asian session, finally clearing sticky area of supply at 1.3025/45, after a weak twin top printed on Monday suggested buyers were still dominant and resilient to abandon the push higher.

At the moment, EUR/USD has entered area above 1.3050, printing its highest since March 15 at 1.3065.

On the latest upside resolution, some intraday pattern identified are the price respecting closes above the 20-day MA on the hourly chart, suggesting some strong commitment by buyers.

If we throw into the mix the fact that supply at 1.3025/45 has been used up and next significant one is not spotted until 1.3140/60 as per the rally-base-drop from Feb 28, it seems as though there still might be some room for the Euro to appreciate.

Area of value to reinstate longs may come around 1.30 psychological level, although by looking at the chart, it is hard to identify where clear stack of large institutional orders are until 1.2900-15/30; on this latter area, judging by the post NFP reaction, looks like a significant imbalance between buying and selling interest remains.

Forex: NZD/JPY prints fresh 5-year highs above 84.00

With Kiwi at 0.8475 near previous weekly highs, highest in last 7 weeks, and at an area around highs of latest 30 years, following best NZIER business confidence data since early 2012, NZD/JPY cross trades last at 84.21.
Read more Previous

Australia: National Australia Bank's Business Confidence (Mar): 2 vs 1

Read more Next
Start livechat