All Articles Tagged - NZDUSD

Technical Analysis – NZDUSD trapped below key average

Posted on September 1, 2023 at 8:23 am GMT

NZDUSD staged a nice rebound up to 0.6000 at the start of the week, but the 20-day simple moving average (SMA) proved a heavy obstacle ahead of the US jobs data, limiting gains around 0.5967. The upside reversal in the momentum indicators is feeding optimism the bulls may stay in play in the coming sessions. Yet, traders may wisely wait for a close above the 0.6000 round level, which overlaps with the 23.6% Fibonacci retracement of the latest downleg, before driving the price [..]

Technical Analysis – NZDUSD in strong battle with 61.8% Fibonacci

Posted on August 29, 2023 at 2:01 pm GMT

NZDUSD experienced a vast selloff after posting a fresh five-month high of 0.6410 in mid-July. However, in the last few sessions , the bulls have been giving a strong fight around 0.5902, which is the 61.8% Fibonacci retracement of the 0.5510-0.6536 upleg, in an effort to curb the steep decline. The short-term oscillators are starting to reflect that the latest retreat could be overstretched. The RSI is touching its 30-oversold mark, while the stochastics have entered their 20-oversold territory. Should the pair bounce off [..]

Technical Analysis – NZDUSD halts decline at 61.8% Fibonacci

Posted on August 23, 2023 at 8:39 am GMT

NZDUSD has been in a steep decline after peaking at the five-month high of 0.6410 in July. However, the pair has managed to temporarily pause its retreat following its bounce off 0.5902, which is the 61.8% Fibonacci retracement of the 0.5510-0.6536 upleg. The short-term oscillators currently suggest that positive momentum is picking up but bearish forces remain in control. Specifically, the MACD is strengthening but holds below both zero and its red signal line, while the RSI is hovering deep in the [..]

Market Comment – Dollar trades mixed, awaiting Powell’s speech; Euro slides on PMIs

Posted on August 23, 2023 at 8:14 am GMT

Dollar trades mixed as Jackson Hole draws closer Fed’s Barkin sees reacceleration scenario Euro falls on PMIs, UK PMIs next Wall Street turns spotlight to Nvidia earnings Fed’s Barkin adds to the likelihood of more Fed hikes The US dollar traded mixed against the other major currencies on Tuesday as traders may be reluctant to assume large positions ahead of the Jackson Hole economic symposium and Fed Chair Powell’s speech on Friday. With the Fed turning data dependent and US [..]

Market Comment – Dollar traders turn cautious ahead of Jackson Hole; PBOC bolsters yuan

Posted on August 22, 2023 at 8:02 am GMT

Dollar pulls back on cautious trading ahead of Jackson Hole 10-year Treasury yields extend rally to levels last seen in 2007 China’s central bank sets yuan mid-point higher than expected Nvidia lifts both Nasdaq and S&P 500 ahead of its earnings Dollar slides but yields keep surging; Jackson Hole awaited The US dollar traded lower against most of the other major currencies on Monday and remained on the back foot today. With no major catalyst behind the dollar’s setback, it [..]

Technical Analysis – NZDUSD turns higher but could this be the start of a sizeable rebound?

Posted on August 17, 2023 at 1:10 pm GMT

NZDUSD is trading higher today after testing the support set by the 0.5920 level as the bulls are trying to break the current series of five consecutive red candles. NZDUSD managed to record a new 2023 low, and, despite today’s move, it continues to respect the very aggressive July 14, 2023 downward sloping trendline. The momentum indicators have clearly taken notice of the downleg since the July 14, 2023 peak. However, apart from the Average Directional Movement Index (ADX) pointing to a [..]

Technical Analysis – NZDUSD bulls react but probably still far from a reversal

Posted on August 16, 2023 at 7:44 am GMT

NZDUSD is finally edging higher today following four consecutive red candles and after registering a new 2023 low. It appears to be the bulls’ first serious attempt to put a stop to the bearish breakout from the rectangle that has been in place since February 2023. They could potentially threaten the aggressive July 14, 2023 downward sloping trendline that NZDUSD has actually been religiously respecting. The momentum indicators continue to reflect the recent downleg from the mid-July NZDUSD highs. However, [..]

RBNZ meets as kiwi records a new 2023 low against US dollar – Preview

Posted on August 14, 2023 at 7:36 am GMT

While the month of August is not usually associated with rate-setting meetings, the Reserve Bank of New Zealand holds its 5th gathering for 2023 on Wednesday. No fireworks are expected but there is a very small chance of the Committee adopting a slightly more hawkish tone to support the ailing kiwi, especially against the US dollar. Events since the last RBNZ meeting The July 12 meeting confirmed expectations with the RBNZ standing pat at 5.5%. The accompanying statement and minutes were [..]

Week Ahead – Fed minutes, US retail sales and UK CPIs the highlights of a packed week

Posted on August 11, 2023 at 9:30 am GMT

The dollar pulled back after the miss in the US inflation data, but traders may have another opportunity to adjust their dollar positions as next week’s agenda includes the minutes from the latest Fed meeting and the retail sales for July. The pound will also enter the limelight as the UK CPIs could confirm whether investors were correct to slash their hike bets following the latest BoE gathering. Other releases include the RBNZ decision, where no action is expected, and [..]

Technical Analysis – NZDUSD bearish breakout might have run its course

Posted on August 9, 2023 at 7:27 am GMT

NZDUSD is recording a green candle today as the bulls are trying to halt the bearish breakout from the rectangle that has been in place since February 2023. This is actually the fourth breakout attempt since early June 2023, but similar to the previous ones, it seems to lack the necessary strength for a sizeable downleg. At least, the bears have managed to cancel the recent series of higher highs and higher lows that was developing since the May 31 [..]

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