FX News - Mar 28 2014: EUD/USD Continues to Slide

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The EUR/USD pair continued to slide in today’s trading after the release of poor PMI figures in the region. In Germany, the country’s Manufacturing and Services PMI for March came out at 53.8 (versus 54.6 expected) and 54.0 (versus 55.5 expected), respectively. Meanwhile, the European Union’s Manufacturing PMI, PMI Composite, and Services PMI for the same period came out at 53.0 (same as expectations), 53.2 (expected at 53.3), and 52.4 (52.6 expected), respectively. France managed to provide better-than-expected PMI figures, with its Manufacturing and Services PMI coming at 51.9 (49.8 expected) and 51.4 (47.5 expected), respectively.

However, France’s PMI data weren’t enough to lift the EUR/USD pair especially during today’s European session. It opened at 1.3745, before immediately sliding down to 1.3705 15 minutes later. It is currently making a slight recovery at the moment, although it is largely expected to keep sliding down as the day progresses. It is currently trading at 1.3718, with initial resistance seen at 1.3769, followed by 1.3804. Meanwhile, initial support is at 1.3699, followed by 1.3665.

Earlier today, the AUD/USD pair continued with its steady rise opening at a healthy 0.9269 and then peaking at 0.9296 at midday of the Asian session. The mood became a bit more subdued as the day progressed, however, as it bottomed out at 0.9256 prior to the opening of the European session. It is making a comeback at the moment, as it is trading at 0.9265. A lot of volatility may be expected on Tuesday next week, as the Reserve Bank of Australia (RBA) will release its monetary policy statement. No change in the interest rate is expected, but traders will be on the lookout for the bank’s statement regarding the value of the aussie. Initial resistance for the pair is at 0.9295, followed by 0.9319. Meanwhile, initial support is at 0.9236, followed by 0.9213.

By FX Strategy Team, Published on 28th of March 2014
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