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19 April 2016, 12:25

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 Tuesday, April 19th


GBP/USD extends its recovery from below 1.41 handle for the third straight session, with the recent rise in the pound largely attributed to the Brexit poll results. Shifting in favor of the ‘remain’ camp, especially after the treasury analysis on the EU referendum, revealing that a vote to leave would mean Britain would be worse off by £4,300 a year per household. Looking ahead, the UK docket remains empty this session and hence, focus turns towards the US housing data for further incentives on the major. Apart from the data, BOE Governor M. Carney speech will be closely heard for fresh hints on the UK economic as well as interest rates outlook. Remaining under the bullish pressure Pound discovers new highs of this week, while staying near highs of the last week. Now pair is trading at 1.4332 with the current level of support at around 1.4169 and resistance at 1.4401.


EUR/USD keeps the bid tone on expectations of upbeat ZEW surveys from Germany as well as the Euro zone. Adding to the upbeat sentiment around the EUR/USD pair, the US dollar remains subdued against a basket of six major currencies, despite hawkish comments from Fed official E. Rosengren delivered in early Asia. The US dollar index now loses -0.08% to trade around 94.40 levels. Now pair is trading at 1,337, with its support and resistance levels located at around 1.1265 and 1.1381.


AUD/USD is trading in levels last seen in June 2015, backed by a strong sentiment in the risk-on space along with a renewed offered tone surrounding the US dollar. The bid tone in AUD was also supported after the RBA minutes hinted at the fact that the central bank feels quite comfortable with the current level of the domestic key interest rate. Today traders are waiting for US housing data and after speech of RBA Governor Stevens that will determine the sentiments for further directions. Now pair remains under the bullish trend keeping its position at 0.7786 with its todays high at 0,7803. Todays support and resistance levels are located at 0.7671 and 0.7840

NZD/USD pair is hovering close to fresh ten-month highs posted at 0.7028 this morning. The Kiwi caught fresh bid-wave this session after the oil prices halted the overnight retreat and swung back into gains, providing fresh impetus to resource-linked NZD. Both crude benchmarks now gain about 0.80% versus -0.50% drop seen in Asia. The upside gained further steam also after the US dollar dived deeper into the red across the board, with the USD index dropping to the tune of -0.19% to trade around 94.25 levels, fresh four-day lows. Focus now remains on the latest fortnightly Fonterra’s dairy auction results - Global Dairy Trade (GDT) price index and the US datasets due to be reported later today. Now the pair is trading near today's highs at around 0.7009 with its support and resistance levels at 0.6880 and 0.7047.


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