Based on last week’s price action and the close at .6680, the direction of the NZD/USD this week is likely to be determined by trader reaction to the 50% level or pivot at .6613.
While an easing of trade tensions between the United States and China may have been the catalysts behind last week’s rally in the Aussie and Kiwi, the possibility of renewed concerns could take the currencies lower early this week. This is because late Friday, China announced it was cancelling its meeting
Based on Friday’s close at .6680, the direction of the NZD/USD on Monday is likely to be determined by trader reaction to the 50% level at .6675. Late Friday, China canceled the trade talks with the U.S. This is potentially bearish so watch the downside early Monday.
The reaction by Australian and New Zealand Dollar traders seems to suggest that the tariff announcement was overall on the soft side of market expectations.
Based on the current price at .6605, the direction of the NZD/USD is likely to be determined by trader reaction to the 50% level at .6614.
Break of 100-day SMA couldn’t help the EURUSD extend its latest advances as ten-week long descending trend-line, at 1.1720, presently challenges the buyers. As a result, a D1 close beyond 1.1720 become necessary for the pair to justify its strength in targeting the 1.1760-65 and the 1.1820 resistances
Since the major fundamentals are still bearish, all trend traders can do at this point is wait for the counter-trend short-covering rally to stop. We could be looking a “big boy” money trying to take out the weaker shorts in order to reach more favorable shorting levels.
Based on last week’s price action, the direction of the NZD/USD will be determined by trader reaction to last week’s high at .6596 and a short-term downtrending Gann angle at .6607.
The Australian and New Zealand Dollars could start the week under pressure due to reports of additional U.S. tariffs on China. The Wall Street Journal reported Saturday, citing individuals familiar with the matter that President Trump is planning to impose a fresh round of tariffs targeting about $200
AUDUSD’s recovery from 0.7080 region may find it hard to prevail for long as not only 0.7235-40 horizontal-area but the descending TL figure of 0.7265 could also challenge the Aussie buyers. If the pair manage to surpass 0.7265 trend-line barrier, the 0.7320 and the 0.7355 can come back on the
Optimism over a softening of U.S.-China relations is providing the fuel underpinning the Aussie and the Kiwi. However, the initial move is likely position-squaring, short-covering and profit-taking, following a prolonged move down in terms of price and time. It is going to take the end of the trade dispute
The Australian and New Zealand Dollars are posting small losses early Wednesday, while trading inside yesterday’s range. It could also mean that Australian Dollar investors are squaring positions ahead of Thursday’s employment report. This move will likely be fueled by an escalation of the trade dispute
I expect the bears to remain in control so any rallies are likely to be shorting opportunities. The Australian Dollar could drop into the 60’s. This may have to happen in order to potentially boost the competitiveness of exporters and import-competing industries. The RBA may be hoping this occurs and
While the 0.6615-20 is likely immediate upside barrier for the NZDUSD, the 0.6560 and the 0.6525 could confine the pair’s near-term downside. As a result, the 0.6620 and the 0.6525 could act as triggers to the quote’s following moves. In case the pair dips beneath 0.6525, which has higher
Oversold technical conditions could drive the Aussie and Kiwi higher if this leads to aggressive short-covering, or position-squaring ahead of Friday’s U.S. Non-Farm Payrolls report. However, don’t mistake this for a bullish move or the start of an uptrend. The major fundamentals are still overwhelmingly
Having breached 50-day SMA & near-term important TL, the USDCAD seems all set to challenge the 1.3265-70 horizontal-region but overbought RSI might question the pair’s further upside. Though, pair’s sustained rise beyond 1.3270 can help it aim for the 1.3330 and the 1.3385 resistances
After the negative reaction to the retail sales report, the AUD/USD found support at .7166, just above the December 23, 2016 bottom at .7159 and the May 24, 2016 main bottom at .7145. The subsequent rally to higher for the session was likely short-covering tied to the thin trading conditions. We could
This week, the emphasis will once again be on the U.S. Dollar and its function as a safe-haven asset. The Aussie and Kiwi could face extended selling pressure if the greenback is supported by trade dispute jitters or robust U.S. economic data. Additional trade volatility could be provided by the Reserve
Based on the current price at .6618 and the earlier price action, the direction of the NZD/USD into the close is likely to be determined by trader reaction to the Fibonacci level at .6614. With the Fed hawkish and the Reserve Bank of New Zealand dovish, the best strategy is to continue to sell rallies
Based on the early price action and the current price at .6664, the direction of the NZD/USD throughout the day is likely to be determined by trader reaction to a pair of uptrending Gann angles at .6661 and .6654.
The New Zealand dollar has been belted in Asia as business confidence fell to the lowest level since mid-2008. The NBNZ Business Outlook Index has fallen sharply since the New Zealand general election in September 2017. JP Morgan Economists says there's a meaningful chance the RBNZ could cut official
Based on the early price action, the direction of the NZD/USD is likely to be determined by trader reaction to the main 50% level at .6697. Despite the early strength, the market could turn lower suddenly if sellers aggressively defend .6723 to .6734.
The new trade agreement between the U.S. and Mexico is weighing on the U.S. Dollar, helping to underpin the Aussie and Kiwi because many professionals had maintained safe-haven positions in the greenback throughout the ordeal. With concerns over Mexico lifted, U.S. Dollar bulls no longer have to hold
Low volume could be the highlight this week as investors prepare for next Monday’s U.S. Labor Day bank holiday. I expect to see limited activity by the major banks and institutions. The major reports are limited this week so any activity is likely to be new driven. On Thursday, New Zealand will release
Based on last week’s price action and the close at .6690, the direction of the NZD/USD is likely to be determined by trader reaction to the major Fibonacci level at .6723.