All Articles Tagged - NZDUSD

Technical Analysis – NZDUSD prepares to switch to a bull market

Posted on February 21, 2024 at 9:22 am GMT

NZDUSD prints bullish trend pattern Constraining 50-day SMA under examination again FOMC meeting minutes due for release at 19:00 GMT NZDUSD is looking to complete a bullish double bottom pattern above the 0.6155 neckline and the 50% Fibonacci retracement of the February-October 2023 downtrend. Technically, the bulls could dominate in the coming sessions as the RSI has extended its upward pattern above its 50 neutral mark and the MACD continues to strengthen above its red signal line. Meanwhile, the stochastic oscillator has entered [..]

Technical Analysis – NZDUSD snaps key barrier but another one stands in the way

Posted on February 20, 2024 at 1:18 pm GMT

NZDUSD claims 50-day SMA after fast rally Short-term bias positive, but there are more threats higher NZDUSD breached the tough 0.6158 zone with strong momentum to rise straight up to the 50-day simple moving average (SMA) at 0.6173. Technically, the RSI is flagging a potential upside rally as it is crossing above the 50 level, while the MACD is standing above its trigger line and near the zero level. If buyers stay in play, the door will open for the [..]

Market Comment – Dollar in wait and see mode, kiwi extends gains

Posted on February 20, 2024 at 9:02 am GMT

Dollar trades mixed as traders await tomorrow’s Fed minutes Kiwi extends gains on bets that the RBNZ could hike again Aussie remains unimpressed by hawkish RBA minutes China announces biggest ever cut in 5-year LPR Fed minutes the next test for the dollar The US dollar traded mixed against the other major currencies on Monday as US markets remained closed in observance of President’s Day. The greenback gained some ground against the pound, the franc and the loonie, while it [..]

Technical Analysis – NZDUSD stuck in a rectangle pattern

Posted on February 16, 2024 at 7:48 am GMT

NZDUSD claims 200-day SMA and descending trendline But the pair fails to rally, extending sideways move Oscillators improve but remain in negative territories NZDUSD entered a downtrend after getting rejected at the 78.6% Fibonacci retracement of the 0.6536-0.5772 downleg in December. However, the pair has adopted a rangebound pattern around the 200-day simple moving average (SMA) since mid-January, while the latest jump above it has failed to trigger a strong advance. Given that both the RSI and MACD are within their negative zones, the [..]

What is next for commodity-linked currencies? – Special Report

Posted on February 13, 2024 at 4:24 pm GMT

Risk linked currencies lose correlation to S&P 500 Dollar outperforms all as Fed implied rate path rises BoC abandons tightening bias, but RBA and RBNZ stay hawkish China impacts aussie and kiwi, loonie linked to oil prices Surrendering to the greenback’s dominance Just before the turn of the year, the risk-linked currencies – the Australian dollar, the New Zealand dollar, and the Canadian dollar – also known as the commodity-linked currencies, have come under selling pressure despite risk appetite remaining [..]

Week Ahead – US CPI in the spotlight as dovish Fed bets fade

Posted on February 9, 2024 at 11:07 am GMT

All eyes on US CPI on Tuesday after run of strong data Retail sales on the agenda too for the US dollar Pound on standby for UK data flurry, including CPI and GDP Japanese GDP and Australian employment coming up too Will US CPI remain sticky? Inflation in the United States has generally been trending lower but the progress to get it all the way down to 2% has stalled in recent months, at least according to the CPI metric. [..]

Technical Analysis – NZDUSD pivots around 200-day SMA

Posted on February 8, 2024 at 3:59 pm GMT

NZDUSD extends its bearish leg to a 2-month low Recoups some losses, but descending trendline curbs advance Oscillators remain tilted to the downside NZDUSD has been in a steady downtrend since December after getting rejected at the 78.6% Fibonacci retracement of the 0.6536-0.5772 downleg. This week, the pair dropped to a fresh two-month low before regaining some ground, while the 200-day simple moving average (SMA) has been currently acting as a strong floor. Given that both the RSI and MACD are within [..]

Market Comment – Dollar pulls back, kiwi and aussie the main gainers

Posted on February 7, 2024 at 9:18 am GMT

Dollar slides, but uptrend remains intact Kiwi gains on China news and New Zealand jobs data Aussie also higher as RBA maintains tightening bias Wall Street trades in the green, gold rebounds US dollar corrects lower as traders secure profit The US dollar pulled back against all its major counterparts on Tuesday, with the main gainers being the kiwi, the aussie, the pound and the yen in that order. With no fundamental catalyst to drive the greenback lower, its pullback [..]

Technical Analysis – NZDUSD bounces off 2-month low

Posted on February 7, 2024 at 9:05 am GMT

NZDUSD extends its bearish leg below 200-day SMA But manages to rebound strongly from 2-month bottom Oscillators remain tilted to the downside NZDUSD has been in a steady downtrend since its rejection from near 0.6373 in late December, which is the 78.6% Fibonacci retracement of the 0.6536-0.5772 downleg. This week, the pair dropped to a fresh two-month low after violating its 200-day simple moving average (SMA), but the bulls fought back and reclaimed the latter. Given that both the RSI and MACD [..]

Will weak jobs data prompt the RBNZ to drop its hiking bias – Preview

Posted on February 2, 2024 at 1:10 pm GMT

RBNZ remains hawkish despite slowing inflation and weaker growth Investors price in 90bps rate cuts by the end of 2024 Focus turns to jobs data for Q4 on Tuesday at 21:45 Despite hawkish RBNZ, data drive investors to price in rate cuts At its November gathering, the RBNZ held its official cash rate (OCR) steady at 5.5% and noted that inflation remains too high and that if price pressures were to become stronger than anticipated, interest rates would likely need [..]

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