Adam Lee

COZFX: Loonie extends its gains in the morning session

COZforex: For the past trading session, the USD declined 0.05% against the CAD and closed at 1.3429.

In the Asian session (at GMT0300), the pair is trading at 1.3425, with the USD trading marginally lower against the CAD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.3412 and a fall through could take it to the next support level of 1.3398; Meanwhile, the pair is expected to find its first resistance at 1.3443, and a rise through could take it to the next resistance level of 1.3460.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

COZFX: British Pound trading higher in the morning session

COZforex: For the past trading session, the GBP declined 0.45% against the USD and closed at 1.2952.

In the Asian session (at GMT0300), the pair is trading at 1.2962, with the GBP trading 0.08% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2922 and a fall through could take it to the next support level of 1.2881; Meanwhile, the pair is expected to find its first resistance at 1.3022, and a rise through could take it to the next resistance level of 1.3081.

Moving ahead, traders would closely monitor UK’s ILO unemployment rate and average weekly earnings, both for March, set to release in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

COZFX: Japan’s Nikkei services PMI declined in April

COZforex: For the past trading session, the USD declined 0.48% against the JPY and closed at 110.25.

In the Asian session (at GMT0300), the pair is trading at 110.04, with the USD trading 0.19% lower against the JPY from yesterday’s close.

The minutes of the Bank of Japan’s March monetary policy meeting revealed that members saw no immediate need to expand an already massive stimulus programme and warned of heightening risks to Japan’s recovery. Additionally, the officials cautioned that the central bank’s prolonged ultra-loose monetary policy could impact regional banks’ profits.

Overnight data showed that Japan’s Nikkei services PMI dropped to a level of 51.8 in April, following a reading of 52.0 in the prior month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 109.72 and a fall through could take it to the next support level of 109.41; Meanwhile, the pair is expected to find its first resistance at 110.60, and a rise through could take it to the next resistance level of 111.17.

In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

COZFX: Swiss Franc trading a tad higher in the Asian session

COZforex: For the past trading session, the USD declined 0.10% against the CHF and closed at 1.0191 on Friday.

In the Asian session (at GMT0300), the pair is trading at 1.0187, with the USD trading a tad lower against the CHF from Friday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CHF is expected to find support at 1.0168 and a fall through could take it to the next support level of 1.0150; Meanwhile, the pair is expected to find its first resistance at 1.0221, and a rise through could take it to the next resistance level of 1.0256.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.


(COZ forex UK)

COZFX: Australia’s unemployment rate climbed in March

COZforex: For the past trading session, the AUD rose 0.14% against the USD and closed at 0.7174.

In commodities, LME Copper prices rose 0.8% or $49.0/MT to $6509.0/MT; Meanwhile, Aluminium prices rose 0.1% or $1.5/MT to $1840.5/MT.

In the Asian session (at GMT0300), the pair is trading at 0.7182, with the AUD trading 0.11% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted unemployment rate climbed to 5.0% in March, at par with market expectations. In the preceding month, unemployment rate had registered a rate of 4.9%. Meanwhile, the nation’s NAB business confidence index slid to a level of -1.0 in 1Q 2019, following a reading of 1.0 in the prior quarter.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7161 and a fall through could take it to the next support level of 0.7139; Meanwhile, the pair is expected to find its first resistance at 0.7205, and a rise through could take it to the next resistance level of 0.7227.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)