Update on Order Books ahead of the Central Bank meetings.
Essentially overnight we saw a bit of consolidation ahead of today.
For BoE, although no change is expected on QE or rates, we could see a statement released alongside the the decision in order to support the forward guidance. If we don’t see a statement then generally markets will view this as pretty hawkish and GBP positive. With the pound pushing higher recently key levels to watch are the 1.5700 to the upside and 1.5500 to the downside. Currently markets are pricing in rate hikes in 2015 as opposed to the 2016 forecast the BoE have set.
On ECB again expecting no change although we could see some wider comments from Draghi again expect the similar statement on rates same or lower for extended period.
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RTAS Order Book systems remain short in this pair as it broke past the 1.3200 level and initially triggered some minor stops. We have continued to see Retail Buyers in this pair today, however we did find some support later in the day around the 1.3150 mark, which we are now consolidating above.
200 day SMA acting as key support. 1.3265 / 1.3280 resistance over head.
RTAS Order Book systems continue to hold short this pair despite being out of the money as we continue to see Retail Traders selling the US Dollar. Recently we have seen a slight pick up in Retail Sellers again in this pair on the push higher. 1.5600 now acting as key support. 1.5700 Resistance overhead with 1.5600 / 1.5510 key support levels.
Pair consolidated overnight and pulled back lower and is currently at a support level 0.9130. Feels like this pair has finally made its low and is looking to correct slightly. We still maintain a choppy outlook and the pair will need to find good support on moves lower to maintain its momentum, however some good initial Retail Selling in the pair.
The RTAS Order Book system holding shorts this pair as AUDUSD pushed higher. We continued to see some Retail Buyers in the pair but we are still at extreme short levels, so this could in theory have a lot further to travel. That said we currently sit above a key support level at 1.4335. Initial Resistance is now at 1.4510 with next lower support at 1.4185.
Order Book systems booked switched to longs booking profit on shorts as the pair found support at the 0.8430 level. This is a key support level in the Euro and if this breaks we could see it push significantly lower, that said if it continues to hold we could see this pair push higher. Initial resistance comes in around 0.8475 then 0.8565.