Market Overview: Greenback Produces Indecision, Aussie Suffers
Matt Simpson | Apr 24, 2014 01:28AM ET
The Greenback produced indecision candles across the board, but held onto recent gains despite poor numbers from housing and Manufacturing. The Australian dollar suffered the most, selling off across the board and remaining near the daily lows following poor CPI data from the Asia session.
- US New home sales the lowest in 6 months and below expectations
- US Flash Manufacturing PMI also fell short at 55.4 vs 56.2 forecast, but still expanding above 50
- GBP all BoE members voted to keep monetary policy the same whilst Public sector Net Borrowing still in deficit but below forecasts
- CAD core retail sales came in at 0.6% as forecast
AUD/USD: Most bearish day in 3 month; Engulfing candle closes below 0.93 resistance to warn of continued weakness below this level
EUR/USD: Shooting Star Reversal closes back below 1.3825; Still technically outside of bullish wedge but needs to break above 1.3825
GBP/USD: Evening Star Reversal warns of near-term weakness at the highs
USD/CAD: Shooting Star Reversal below Weekly R1 Pivot; However not much momentum and also above Weekly Pivot making directional trading difficult
USD/CHF: Hanging Man Reversal below 0.8835 but also above Weekly Pivot; Range trading
USD/JPY: Ganging Man Reversal below Monthly Pivot warns of near-term weakness; Also a volatile candle
NZD/USD: Bullish close but relatively subdued considering the interest rate hike (already priced in); Above Monthly Pivot
DXY: 2nd Hanging Man reversal below closed below 80 for the USD Index
Gold: Rikshaw Man Doji above 1278 suggests weakness to the bearish move
Silver: Inside day and closed flat, awaiting next catalyst
WTI: Doji forms above Weekly Pivot to suggest weakness the bearish move from 105 highs
Brent Oil: Potential bullish hammer formed as an inside day to show support above 108.50
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