All Articles Tagged - NZDUSD

Technical Analysis – NZDUSD bears attempt another breakout

Posted on August 3, 2023 at 7:03 am GMT

NZDUSD is recording another red candle as the bears are again trying to stage a breakout from the rectangle that has been in place since February 2023. This is actually the third breakout attempt since early June 2023. Interestingly, the first target of the bears appears to be to register a lower low, breaking the recent series of higher highs and higher lows developing since the May 31 local trough, and then stage a decisive downleg. Maybe, the continued convergence [..]

Market Comment – Stocks rally but dollar holds firm on soft PCE inflation

Posted on July 31, 2023 at 9:04 am GMT

Expectations of further Fed rate hikes evaporate after dip in core PCE Stocks rejoice but dollar stays in demand as yen’s comeback bid falters RBA decision coming up, BoE next on Thursday ahead of US jobs report Fed pause seen as a certainty after core PCE eases The markets’ conviction that the Fed’s July rate hike was a one and done got a boost on Friday after the central bank’s favourite inflation metric fell more than expected, underscoring the view [..]

Technical Analysis – NZDUSD battles with 200-day SMA

Posted on July 27, 2023 at 9:11 pm GMT

NZDUSD had been steadily gaining ground after finding its feet at the 2023 low of 0.5984, storming to a fresh 2023 peak of 0.6410 in mid-July. However, the pair quickly retraced lower, with the price bouncing off the 50-day simple moving average (SMA) before attempting to surpass the 200-day SMA. The momentum indicators currently suggest that bearish forces are in control. Specifically, the RSI dropped below its 50-neutral mark, while the MACD is softening below its red signal line in the positive [..]

Technical Analysis – NZDUSD at range midpoint but bullish pressure rising

Posted on July 26, 2023 at 7:17 am GMT

NZDUSD is hovering a tad below the midpoint of the rectangle that has been in place since February 2023, as market participants have been unable to stage a sustained move up to now. However, since the failed late-May bearish breakout, a series of higher highs and higher lows has been in place with the bulls aiming for the next peak to occur above the July 14 high of 0.6411. Maybe, the continued convergence of the simple moving averages (SMAs) could play [..]

Technical Analysis – NZDUSD defends summer uptrend

Posted on July 20, 2023 at 7:34 am GMT

NZDUSD drifted higher on Thursday after four negative days, defending its summer uptrend above the 2022 resistance trendline and June’s high of 0.6246. The RSI and the MACD have lost strength within the positive area, though they are still fluctuating above their neutral levels, keeping the risk skewed to the upside. Some optimism is also rising due to the double bullish crosses between the 20-day SMA and the longer-term SMAs, but traders will see if the crosses are lasting. Should the [..]

Daily Market Comment – Euro on fire as dollar sags ahead of US data, earnings

Posted on July 18, 2023 at 9:18 am GMT

Euro hits 17-month high before ECB’s Visco knocks it lower Bruised dollar sets sights on US retail sales as Treasury yields resume slide Equities mixed despite China’s aim to boost consumption; earnings awaited Euro leads charge against US dollar The post-CPI headache for the US dollar is showing no signs of receding as speculation about monetary policy divergence continues to intensify, with the euro being the biggest winner in this latest phase. The single currency briefly surged to a 17-month [..]

Week Ahead – Focus on China GDP and US retail sales, more CPI data on tap

Posted on July 14, 2023 at 10:39 am GMT

Inflation data will continue to dominate the economic agenda in the coming week, although the spotlight will probably fall on Chinese GDP figures as well as US retail sales. The countries reporting CPI numbers include Canada, New Zealand, Japan and the United Kingdom. With inflation seemingly coming under control in America, investors will be on the lookout for any divergence in other countries’ progress. However, sentiment will likely be shaped by growth indicators from the world’s two largest economies as [..]

Daily Market Comment – Dollar takes another bullet after easing producer prices

Posted on July 14, 2023 at 8:13 am GMT

US producer prices barely increase in June Dollar extends fall as investors add to their Fed cut bets Euro and pound extend their uptrends; aussie and kiwi rally Wall Street rises on cooling inflation; bank earnings on tap Dollar takes another dive after soft PPI data The US dollar extended its free fall on Thursday against all the other major currencies, taking another steep dive after more US data added credence to the view that the Fed may be closer [..]

Daily Market Comment – Dollar extends fall ahead of US inflation data

Posted on July 12, 2023 at 7:39 am GMT

US dollar beaten up as US inflation report looms Narrowing yield differentials turbocharge the yen RBNZ takes the sidelines, BoC takes the central bank torch Wall Street and gold gain on sliding Treasury yields Dollar traders are positioning for a soft US CPI report The US dollar continued tumbling on Tuesday and during the Asian session Wednesday, losing ground against all the other major currencies. Perhaps traders are positioning for another soft US CPI report later today, a view that [..]

Technical Analysis – NZDUSD still positive for an upside break

Posted on July 11, 2023 at 3:07 pm GMT

NZDUSD has been on the sidelines over the past week, consolidating its latest upturn around the 0.6200 level ahead of the RBNZ policy meeting due on Wednesday at 02:00 GMT. Despite the weak momentum in the price, the RSI and the MACD are still hovering within the bullish area, preserving hopes for an upside correction. If the simple moving averages (SMAs) keep a strong footing under the price, the bulls might pierce through the 0.6200 wall to revisit the descending trendline from [..]

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