The bias is to the downside because the trend is down, however, if there isn’t any may news regarding US-China trade relations, traders may take the opportunity to book some profits and perhaps form a short-term bottom due to oversold technical conditions.
The New Zealand dollar broke down significantly during the week, slicing through the 0.70 level, and formed a nasty red candle. At this point, by closing as low as we did on this candle, it suggests that the sellers are very much still alive.
The New Zealand dollar has gone back and forth during the trading session on Friday, showing signs of confusion and of course difficulty near the 0.6950 level. Overall, this is a market that I think will continue to be very noisy.
The New Zealand dollar rallied a bit during the day on Thursday, even though we are very tight, and it shows so much in the way of noise. However, it looks as if we are trying to overcome a major resistance barrier above, and once we do, this could be one of the better currencies to be involved with.
With four-month old descending trend-line restricting AUDUSD’s upside, the pair had no choice but to dip towards immediate TL support, at 0.7515 now, break of which could further drag it to 0.7470 & 0.7445 rest-points. In case if the pair continues declining below 0.7445, the 0.7410 may act
The New Zealand dollar shot higher during the trading session on Wednesday, reaching towards the 0.7050 level. That’s an area that is previous resistance, and therefore it’s not surprising that the market pauses in this area. I think short-term pullbacks will continue to be buying opportunities, with
The New Zealand dollar fell slightly during the trading session on Tuesday, reaching towards the 0.70 level underneath the find support. By doing so, it looks as if we have continued to see the 0.70 level as important. As I record this, we have bounced nicely, and it looks as if we continue to try to
While the 1.1830-40 horizontal-region seems crucial for the EURUSD in order to justify its strength in targeting the 1.1900 and the 1.1950 resistances, pair’s upside beyond 1.1950 might have a challenging task to surpass the 200-day SMA level of 1.2010 on a D1 basis. In case if the quote provides
The New Zealand dollar rallied, pulled back, and then rally again during the trading session on Monday. The market looks as if we are trying to break out to the upside, and if we can break above the recent highs, I think that the market will continue to grind its way to the upside and go much higher.
Early Tuesday, the Australian and New Zealand Dollars are trading lower as investors wait for news from the summit between Trump and Kim Jong-un. Traders are showing almost no reaction to economic data from Australia.
Based on Friday’s close at .7030, the direction of the NZD/USD this week is likely to be determined by trader reaction to the main Fibonacci level at .7031.
Economic data will be robust this week, highlighted with U.S. May’s inflation report Tuesday, a rate decision from the U.S. Federal Reserve Wednesday, and retail sales Thursday. Traders will also get the opportunity to react to a speech by Reserve Bank of Australia Governor Philip Lowe and reports on
The New Zealand dollar rallied during a significant portion of the week but turned around to form a bit of a shooting star. Because of this, I believe that the next week is going to be very important. I think that given enough time, the market will build up the necessary momentum to either break down
The New Zealand dollar did very little during the session on Friday, as we are going sideways in general. The market looks likely to continue to show a lot of support underneath, especially at the large, round, psychologically important 0.70 handle.
The weakness is continuing Friday with the Australian and New Zealand Dollars trading lower early in the session. Traders are being influenced by emerging market concerns and a move to safe-haven assets as well as fresh economic data from China.
The New Zealand dollar has bounced a bit during the trading session on Thursday, initially pulling back but then finding buyers to push towards the 0.7050 level. The market of course is heavily influenced by risk appetite around the world, and as such will continue to be very noisy.
Failure to surpass 0.7050-60 resistance-region during its recent rally couldn’t stop the NZDUSD from it’s another attempt to conquer the same barrier on Thursday, which if broken on a D1 closing basis could propel the pair towards 50-day SMA level of 0.7085 and then to the 0.7100 round-figure. If 0.7050
There is some discussion that Australian GDP may have peaked last quarter. Yesterday’s report showed that exports were a big factor behind the strong rise in GDP in the first quarter. However, today’s export data suggests they won’t be as supportive next time around.
The New Zealand dollar rallied a bit during the trading session on Wednesday, reaching towards the 0.7050 level before running into resistance. Ultimately, this is a good sign and it looks as if the buyers have returned.
Momentum is on the side of the AUD/USD and NZD/USD early Wednesday and this trend should continue throughout the session. Especially bullish news that better-than-expected quarterly increase saw year-on-year growth rise to 3.1%, well above the 2.8% level is the primary price driver today.
The New Zealand dollar initially tried to rally during the day on Tuesday but failed to reach towards the psychologically important 0.70 level underneath. That is an area that of course has been resistance in the past and will attract certain amount of interest due to the round figure.
The New Zealand dollar broke above the overall consolidation area that we have been in over the last several days, and we have cleared the 0.70 level now. By doing so, looks like the market is ready to go higher, perhaps reaching towards the 0.70 level given enough time.
The RBA Rate Statement is expected to show the central bank will retain its neutral stance, but that may not deter the bulls from driving the AUD/USD higher as traders are already pricing in stronger than expected first quarter GDP numbers on Wednesday. Early estimates are for a 0.8% increase versus
Sentiment in the AUD/USD and NZD/USD changed in mid-May after the Fed minutes said the central bank would consider letting inflation rise above its 2.0 percent inflation target. This raised questions over future rate hikes. Treasury yields also hit their high for the year that day, helping to put bottoms
Lately the Aussie and Kiwi have been firming after building support bases. This doesn’t mean the longer-term trend is changing, but there could be changes to the short-term trend as investors adjust their positions to reflect the possibility of 2 or 3 more rate hikes in 2018.