All Articles Tagged - NZDUSD

Weekly Technical Analysis – USDJPY, USDCAD, NZDUSD

Posted on July 10, 2023 at 12:46 pm GMT

Wednesday is when the RBNZ and BoC announce their interest rate decisions, so the New Zealand and Canadian currencies will attract special attention. US inflation data could make the FX market more volatile on the same day, shedding some extra light on whether the Fed will proceed with another rate hike this month. US CPI inflation –> USD/JPY Despite the significant spike in ADP employment data, Friday’s nonfarm payrolls report revealed a softer-than-expected job creation of 209k and a downward [..]

Is it really the end of the rate-hiking road for the RBNZ? – Forex News Preview

Posted on July 10, 2023 at 10:17 am GMT

Despite its tendency to produce surprises at its rate-setting meetings, it feels like the Reserve Bank of New Zealand has completed its hiking cycle. With the market endorsing a pause at this week’s gathering, the kiwi has to look elsewhere for a potential boost against the US dollar. Events since the last RBNZ meeting A total of six central banks will update the market on their rate decisions during July. With the next-door Reserve Bank of Australia announcing a pause [..]

Week Ahead – US inflation report, BoC and RBNZ meetings eyed

Posted on July 7, 2023 at 10:49 am GMT

Another exciting week lies ahead for FX markets, before trading conditions start to wind down for the summer. The spotlight will fall on the latest US inflation report, which could help the dollar break out of its recent stalemate. Central bank meetings in New Zealand and Canada will also be closely watched, especially the Bank of Canada rate decision, which is currently priced as a coin toss. Dollar in limbo, awaits inflation test The second quarter of this year was [..]

Technical Analysis – NZDUSD’s next battle at 0.6300

Posted on July 5, 2023 at 8:45 am GMT

NZDUSD turned green after printing a doji candlestick around 0.6050 last Thursday, currently aiming to extend its winning strike above the 0.6200 round level. The latest rebound in the price has confirmed a higher low in the short-term picture, increasing hopes for a bullish trend reversal. The RSI has bounced back above its 50 neutral mark and the MACD has ticked above its signal and zero lines, both revealing improving market sentiment. Yet, whether the pair has enough fuel in the [..]

Technical Analysis – NZDUSD bears try to stage a breakout again

Posted on June 30, 2023 at 12:51 pm GMT

NZDUSD is once again testing the lower boundary of the rectangle that has been in place since February 2023. The bears are trying to engineer another breakout, hoping to achieve an aggressive drop towards the 0.5920 area. The overall technical picture is mostly encouraging for their intentions, especially considering the simple moving averages’ (SMAs) convergence that is usually associated with an imminent sizeable move. From the momentum indicators’ perspective, the Average Directional Movement Index (ADX) has just climbed above its [..]

Technical Analysis – NZDUSD spikes lower to extend its pullback

Posted on June 28, 2023 at 8:23 am GMT

NZDUSD had been steadily regaining ground after finding its feet at the 2023 low of 0.5984 in early June. However, the latest rebound faltered after challenging the upper boundary of the Ichimoku cloud, with the price reversing lower and dropping below both its 50- and 200-day simple moving averages (SMAs) The momentum indicators currently suggest that the bearish forces are intensifying. Specifically, the RSI is retreating further below its 50-neutral mark, while the stochastic oscillator is sloping downwards near its 20-oversold zone. If the selling interest intensifies, the [..]

Technical Analysis – NZDUSD retreats below SMAs as rebound falters

Posted on June 23, 2023 at 1:07 pm GMT

NZDUSD had been steadily regaining ground after finding its feet at the 2023 low of 0.5984 in early June. However, the latest rebound quickly lost steam and the pair retraced lower, crossing below both its 50- and 200-day simple moving averages (SMAs) The momentum indicators currently suggest that bearish forces are intensifying. Specifically, the RSI dived beneath its 50-neutral mark, while the stochastic oscillator is sloping downwards after exiting the 80-overbought zone. Should the selling interest persist, the April low of 0.6110 [..]

Daily Market Comment – Dollar extends gains as hawkish central bank tone sours mood

Posted on June 23, 2023 at 9:10 am GMT

Recession fears heightened after BoE surprises with 50-bps hike, Eurozone PMIs disappoint Hawkish Fed commentary further underscores need for more central bank tightening Dollar advances as pound and euro slide, Wall Street heads for rare weekly loss Recession gloom returns as growth outlook dims The Federal Reserve and ECB set the tone more than a week ago, but it’s taken another round of hawkish central bank rhetoric, culminating with the Bank of England’s larger-than-expected rate hike, for markets to finally [..]

Technical Analysis – NZDUSD retreats after hitting wall at descending trendline

Posted on June 21, 2023 at 2:25 pm GMT

NZDUSD appears to have found its feet around the 200-day simple moving average (SMA) following the pullback from the June top of 0.6246. But the fact that the latest upleg was unable to breach the medium-term descending trendline casts into doubt the prospect for a bullish break in the near term. The momentum indicators are sending mixed signals about the short-term picture. The stochastic oscillator continues to point down but the RSI suggests the selling pressure is easing as it [..]

Technical Analysis – NZDUSD bulls hold the upper hand after the false bearish breakout

Posted on June 14, 2023 at 7:37 am GMT

NZDUSD has returned inside the rectangle that has been dictating the price action since February 2023 as the recent bearish breakout proved to be false. This move has clearly dented the NZD bears’ confidence, but they have to react quickly in order to contain the bullish pressure. NZDUSD is currently hovering around the 200-day simple moving average (SMA) as the momentum indicators are tentatively supporting the current upleg. The Average Directional Movement Index (ADX) is edging higher, signaling a decent [..]

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