All Articles Tagged - NZDUSD

Technical Analysis – Is NZDUSD on the brink of another decent move?

Posted on January 10, 2024 at 8:52 am GMT

NZDUSD continues to trade sideways It is almost at the midpoint of its 2023 rectangle Momentum indicators are in waiting mode NZDUSD is in the green today but it continues to range-trade. Market participants appear to be in waiting mode with the bears trying to engineer another correction in order to recoup part of the losses incurred during the October-December upleg. They have managed to keep NZDUSD below the November 14, 2023 trendline but they probably need stronger US data [..]

Week Ahead – Market spotlight turns to US CPI inflation

Posted on January 5, 2024 at 8:55 am GMT

US CPI inflation is the next big test for the US dollar Yen traders turn to Tokyo CPIs and wages for BoJ exit hints China’s inflation and trade numbers to impact broader sentiment UK monthly GDP on tap amid recession fears Will the US CPIs corroborate the market’s implied Fed rate path? The US dollar staged a decent recovery during the first week of the year, with market participants scaling back some basis points worth of rate reductions expected by [..]

Technical Analysis – NZDUSD faces strong pullback

Posted on January 2, 2024 at 4:11 pm GMT

NZDUSD is in recovery mode from 2023 lows But its advance pauses after becoming overstretched Oscillators ease from their overbought zones but remain positive NZDUSD has been in a steep uptrend since its 2023 low of 0.5772, generating consecutive higher highs and a V-shaped recovery pattern. However, the latest advance has come to a temporary halt due to reaching extremely overbought conditions. Should the recent pullback extend, immediate support could be met at 0.6244, which is the 61.8% Fibonacci retracement of the 0.6536-0.5772 downtrend. A [..]

Technical Analysis – How high could NZDUSD go?

Posted on December 28, 2023 at 2:17 pm GMT

NZDUSD records a new 5-month high Very strong rally from the late October lows Momentum indicators could spell trouble for the bulls NZDUSD is trying to record its fifth consecutive green candle today. It has been an aggressive upleg from the October 26, 2023 low of 0.5772, with NZDUSD being around 10% higher at the moment, mostly due to the rhetoric divergence from the Fed and the RBNZ. Having said that, the recent pace of the rally appears to be [..]

Technical Analysis – NZDUSD clocks fresh 5-month high; looks overbought

Posted on December 27, 2023 at 8:51 am GMT

NZDUSD stages a steady recovery from 2023 lows But momentum indicators warn of overbought risks Is there a pullback in sight? NZDUSD has been in a steep uptrend since its 2023 low of 0.5772, generating consecutive higher highs and a V-shaped recovery pattern. However, the latest advance seems substantially overstretched as the RSI has been within its overbought zone for more than a week. Should the price defy overbought signals, the bulls could aim at 0.6373, which is the 78.6% Fibonacci retracement of the 0.6536-0.5772 downtrend. Violating [..]

Technical Analysis – NZDUSD climbs to fresh 5-month high, eyes 0.6300 level

Posted on December 20, 2023 at 2:52 pm GMT

NZDUSD headed for eighth straight day of gains Bullish momentum continues to strengthen But is it at risk of a negative correction? NZDUSD reached a fresh five-month high of 0.6293 on Wednesday, as its bullish streak shows no sign of easing. The momentum indicators are looking dangerously overbought but a reversal may not be imminent and the current upswing could continue for a little bit longer. The stochastics have crossed into the overstretched zone but the %K and %D lines [..]

Market Comment – Fed pushes back on rate cut talk but markets don’t listen

Posted on December 18, 2023 at 10:00 am GMT

Fed officials attempt to dampen expectations of early rate cut Yields jump, stocks slide, but only temporarily as markets unconvinced Yen edges lower ahead of BoJ decision as expectations of imminent rate hike fade Fed begins damage control Federal Reserve officials have hit the speaking circuit for the first time since Chair Powell’s dovish appearance in his post-FOMC meeting press briefing last week, in what looked to be an attempt to steer markets away from aggressive rate cut expectations. New [..]

Market Comment – Wall Street parties as Fed signals cuts, dollar tumbles

Posted on December 14, 2023 at 10:30 am GMT

Fed makes long-awaited pivot towards cutting rates, markets rejoice Dow Jones soars to new all-time high, S&P 500 approaches its previous record Dollar takes a dive as Treasury yields sink, gold rallies SNB also holds rates, ECB and BoE decisions coming up next Powell gives markets what they wanted The Federal Reserve left interest rates unchanged as expected on Wednesday but struck a somewhat more dovish tone than anticipated, spurring a powerful rally in bond and equity markets. In a [..]

Technical Analysis – NZDUSD corrects lower but 200-day SMA curbs retreat

Posted on December 13, 2023 at 9:17 am GMT

NZDUSD experiences a sharp pullback from its 4-month peak But the 200-day SMA acts as a strong floor for now Momentum indicators deteriorate but remain in positive areas NZDUSD had been staging a solid rebound from its 2023 low of 0.5772, peaking at a fresh four-month high of 0.6221 in early December. Since then, the pair retraced lower, with the 200-day simple moving average (SMA) preventing further declines. Should the price break below the crucial 200-day SMA, immediate support could be met [..]

FX Year Ahead 2024: As the race to cut begins, which currency will come out the winner?

Posted on December 8, 2023 at 1:15 pm GMT

Will Fed officials be the first to cut rates or will the ECB beat them to it? Falling inflation everywhere means a bearish US dollar is not a given Yen stands to gain from rate cuts as BoJ may hike Is sterling set for another bumpy year? Aussie and kiwi pin hopes on China recovery, loonie looks to oil boost Will the dollar bears finally get their way in 2024? After two consecutive years of gains, a correction in the [..]

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