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Forex Flash: Buy USD/CAD dips while support 0.9945/50 holds - TDS

Resistance in the upper 0.99 area was reaffirmed yesterday, after a rapid selloff pushing the pair back towards key short-term support at 0.9945/50, notes Shaun Osborne, Chief FX Strategist at TDS.

"We still rather expected this level—essentially the gap left open by the late January rally in funds—to hold but price action looks heavy in the short-term and support does look to be at risk" he says.

Looking at the daily chart, Shaun notes: "We remain a little more constructive for the USD as the bull reversal late last week through Monday (“morning star” reversal) remains valid. We still prefer to buy USD dips while support around 0.9945/50 holds."

Forex: AUD/USD above 1.03 ahead of key AU jobs data

The Aussie is awaiting for crucial jobs data in Australia at 00:30 GMT at a critical price zone last at 1.0315 USD, off fresh 12-week lows at 1.0296, just few pips above Nov 2012 lows at 1.0283, down already -0.97% for the week so far. Kiwi jobs data, just released moments ago, did not show very promising figures either.
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Forex: AUD/NZD flat for the week around 1.23; off fresh 30-month lows

With 1 hour to go until Australian jobs data is out, AUD/NZD is currently at 1.2296, near session highs and off fresh 30-month lows at 1.2202, following worse than expected Kiwi jobs data just released moments ago. Even though unemployment rate fell in NZ to 6.9% vs 7.1% expected, the decline was mostly due to lower participation rate, with employment growth at -1% QoQ.
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