 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightDaily Report: AUD, NZD, CAD Weakens on Fear of Rising Protectionism Commodity currencies, including Canadian, Australian and New Zealand Dollar are suffering steep selling towards the end of the week. New White House economic adviser Larry Kudlow's strong Dollar comment was seen by some as a factor, as he urged TV interview viewers to "buy King Dollar and sell gold". But looking from the large picture in the markets, Dollar is just trading marginally better than the above three. Yen remains the strongest one for the week, and for today. The resilient Sterling follows closely as the second strongest one. SNB Warned Of Franc Appreciation Against US Dollar, Kept Commitment To Intervene As widely anticipated, the SNB kept the sight deposit rate unchanged at -0.75%, while the target range for the three-month Libor stayed at between –1.25% and –0.25%. Again, the SNB maintained the commitment to intervene the FX market when needed, reiterating that it would 'remain active in the foreign exchange market as necessary', while 'taking the overall currency situation into consideration'. Policymakers appeared more concerned about the value of Swiss franc, referring to franc's strength against the greenback. On the economic outlook, the central bank downgraded inflation expectations while leaving the growth estimates unchanged. Technical OutlookAUD/USD Daily Outlook Daily Pivots: (S1) 0.7766; (P) 0.7825; (R1) 0.7856; More... AUD/USD failed to sustain above 0.7892 resistance and topped at 0.7915. Subsequent sharp fall now turns focus back to 0.7772 minor support. Break there will likely resume the decline from 0.8135 through 0.7712. In that case, AUD/USD should target 0.7500 key support next. On the upside, break of 0.7915 resistance will revive the case of near term reversal. And, intraday bias will be turned back to the upside for 0.8135 top. Suggested ReadingsUSD/JPY Remains In Bearish Trend Below 107.00 Economic Data
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