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USDCAD short-term conditions remain bearish, however, a continuation of the latest recovery would undermine this theme and expose key resistance at 1.3606, Feb 28 high. Clearance of this level would resume the uptrend that has been in place since December 27. For bears, a move below 1.3420, Mar 8 low, would instead resume bearish activity and open 1.3359, Jan 31 low. 1.3606 and 1.3420 are seen as important directional triggers.
AUDUSD remains below its recent highs. The latest pullback appears to be a correction. The pair has traded through support around the 50-day EMA - at 0.6571. A clear break of this average would signal scope for a deeper pullback towards the next key support at 0.6478, the Mar 5 low. On the upside, clearance of resistance at 0.6668, the Mar 8 high, is required to resume the bull cycle and this would open 0.6708, a Fibonacci retracement.
EURJPY maintains a former short-term tone. Key trendline support at 160.86, remains intact. The trendline is drawn from the Dec 7 low and has recently been pierced. A clear break of the line is required to strengthen a bearish theme and signal a reversal, paving the way initially for 158.92, the Feb 7 low. The trend remains up with the trendline intact. A continuation higher would open key resistance and the bull trigger at 163.72, the Feb 26 high.