All Articles Tagged - NZDUSD

Week Ahead – RBA decision and US data on the menu

Posted on February 2, 2024 at 11:52 am GMT

Dollar cannot sustain Fed-fueled advance, will ISM data help? Reserve Bank of Australia could abandon its tightening bias Crucial data releases also from China, Canada, and New Zealand Fed warns against early rate cuts It was an eventful week in global markets. The spotlight fell on the Federal Reserve, which shot down expectations it would cut interest rates in March, with Chairman Powell stressing that this is not the “base case” scenario. Even though inflation has declined substantially, Powell downplayed [..]

Technical Analysis – NZDUSD lacks clear direction ahead of key events

Posted on January 31, 2024 at 7:47 am GMT

NZUSD continues to hover around a crucial support area Market participants appears to be in waiting mode ahead of key market events Momentum indicators remain mixed; all eyes on the stochastic oscillator NZDUSD is in the red today as it continues to range trade in line with the busy 0.6047-0.6092 area and the 200-day simple moving average (SMA) acts as a strong support point. The correction that started since the December 28, 2023 peak and pushed NZDUSD to a new [..]

Technical Analysis – NZDUSD fails to drop below 200-day SMA

Posted on January 30, 2024 at 1:24 pm GMT

NZDUSD changes the outlook to neutral-to-bearish 20- and 50-day SMAs create negative cross NZDUSD has lost its positive momentum after the rebound off the 200-day simple moving average (SMA) once again. The price failed several times to drop beneath the 0.6085 support level, but it remains beneath the medium-term uptrend line. In the short-term, the market could retain the range-bound trading as the RSI holds near its 50 neutral mark and the MACD remains around zero and close to its trigger [..]

Market Comment – Wall Street hits record as yields slide ahead of tech earnings, Fed decision

Posted on January 30, 2024 at 10:28 am GMT

S&P 500 closes at all time high as yields fall after Treasury cuts borrowing estimate But worries grow about China’s economy amid Evergrande fallout Euro steadies as Eurozone dodges a recession Dollar and gold hold within range as ME crisis, Fed angst keep investors on edge Another day, another record for Wall Street Shares on Wall Street surged on Monday after the US Treasury said it will borrow less in the current quarter than what it had estimated back in [..]

Market Comment – Dollar pulls back, Yen stages another recovery

Posted on January 24, 2024 at 9:46 am GMT

Dollar retreats as Bullard talks March rate cut Yen recovers again on BoJ hike speculation BoC to keep interest rates untouched Risk appetite remains supported, S&P 500 hits new record Bullard says Fed could cut rates as soon as March The US dollar traded higher against most of the major currencies on Tuesday, losing some ground only against the risk-linked aussie, kiwi and loonie. That said, the greenback is on the back foot today, perhaps due to remarks by former [..]

Technical Analysis – NZDUSD continues to trade sideways

Posted on January 24, 2024 at 7:48 am GMT

NZUSD hovers above a key support area Aggressive downward move from late December 2023 peak Momentum indicators are mostly mixed at this juncture NZDUSD is in the green today, but it continues to range trade. The 0.6036-0.6092 area appears to have put a temporary stop at the correction that has been in place since the December 28, 2023 high. Market participants could also be in waiting mode for some key market events coming up over the next 10 days, especially [..]

Market Comment – Yen rebounds as Ueda hints at policy shift

Posted on January 23, 2024 at 9:19 am GMT

BoJ stands pat as expected, lowers core CPI projection But yen rebounds on Ueda’s relatively hawkish remarks Risk sentiment improves on China’s stimulus plan S&P 500 and Dow Jones hit fresh record highs BoJ’s Ueda brings yen to life The yen was the protagonist on Tuesday, coming under some selling interest after the BoJ kept its ultra-loose policy unchanged as expected and lowered its forecasts for core inflation for the fiscal year beginning in April to 2.4% from 2.8% projected [..]

Technical Analysis – Will NZDUSD switch its medium-term outlook to bearish?

Posted on January 19, 2024 at 11:18 am GMT

NZDUSD rebounds off 200-day SMA But still holds beneath uptrend line NZDUSD is battling with the 200-day simple moving average (SMA) near the 0.6085 support level but is currently gaining some momentum. The market structure is still negative in the short-term picture as the pair keeps fluctuating beneath the medium-term uptrend line. Hence, even if downside pressures resume, the pair will remain attractive unless it drops beneath the 0.6085 support. If that bearish scenario unveils, selling forces could intensify towards [..]

Technical Analysis – NZDUSD plummets below 50-day SMA

Posted on January 17, 2024 at 8:31 am GMT

NZDUSD extends its recent bearish leg Violates 50-day SMA and eyes 200-day SMA Oscillators endorse the recent dive NZDUSD had been in a steep uptrend since its 2023 low of 0.5772, generating consecutive higher highs. However, the advance stalled around the 78.6% Fibonacci retracement of the 0.6536-0.5772 downleg, with the pair experiencing a strong pullback. If bearish pressures persist and the price crosses below the 200-day simple moving average (SMA), immediate support could be met at the 38.2% Fibo of 0.6064. Dipping beneath [..]

Market Comment – Rate cut bets surge again but dollar goes sideways, stocks muted

Posted on January 15, 2024 at 10:39 am GMT

Fed rate cut expectations go into overdrive after soft US producer prices Bond yields slip, but dollar little changed and mixed earnings weigh on stocks Focus shifts to Chinese growth and global inflation trends this week March rate cut back in play After brushing aside a hotter-than-expected CPI report last week, investors betting on an imminent pivot by the Fed were emboldened on Friday from a very soft set of producer prices. The final demand producer price index edged up [..]

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