|Day's Range||0.731 - 0.737|
|52 Week Range||0.6792 - 0.7559|
New Zealand dollar traders rallied the market during the trading session on Wednesday, reaching towards the 0.7350 level. If we can break above that level, the market should continue to go higher, and I can make an argument for a downtrend line being broken as I record this. Eventually, I anticipate that the New Zealand dollar will go towards the 0.74 level, but it might be a bumpy ride towards that area.
With the 0.7430-40 area again playing its role in restricting the NZDUSD’s upside, the pair seems coming down towards 0.7275 but the eleven-week long ascending trend-line, around 0.7250 now, might confine its declines then after. Should the quote refrains to respect the TL support, the 50-day SMA level of 0.7210 and the 0.7160, comprising 200-day SMA, could please the Bears. Meanwhile, the 0.7360 and the 0.7400 may try to limit the pair’s near-term advances before reigniting the importance of 0.7430-40 area. In case if Bulls manage to conquer the 0.7440 on a daily closing basis, the 0. ...
The U.S. Dollar closed higher against a basket of currencies on Tuesday, attempting pull away from three-year lows set last week as traders trimmed some of their bearish bets against the U.S. currency.
The New Zealand dollar has drifted lower during early trading on Monday, as we continue to see a bit of a churn just above the 0.7350 level. Longer-term, we are in an uptrend though, so I think it’s only a matter of time before the buyers return.
Asian equities are on the rise again this morning, while the Dollar stumble resumes on a light trading day, with China, HK, the U.S and Canada on holiday today.
Australian Dollar traders will get a chance to react to the latest Monetary Policy Meeting Minutes from the Reserve Bank of Australia. New Zealand will release its latest data on retail sales.
The New Zealand dollar has rallied significantly during the week, breaking above the 0.7350 level, reaching towards the 0.75 level. Ultimately, if we break above that level, then the market is free to go much higher.
Having reversed from nearly two-month old ascending trend-line support, the EURUSD seems heading towards the 1.2360 and the 1.2400 nearby resistances, which if broken could further escalate the pair’s recovery in direction to the 1.2430 and then to the 1.2475 numbers. Alike EURUSD, the GBPUSD also witnessed a pullback and is rising in direction to the 1.4000 round-figure but it’s further upside may be confined by the 1.4080-85 resistance-zone. If the quote fails to sustain its latest up-moves, the 1.3830 and the 1.3750 might act as immediate rests for the pair ahead of reigniting the importance of 1.3685-80 support-confluence, including 50-day SMA and three-month old upward slanting trend-line.
The New Zealand dollar has drifted a little bit lower during the trading session on Monday as we open the week but is starting to show signs of support and life again near the 0.7225 handle. The 72 hour exponential moving average is starting to make its presence known as well, so be interesting to see what happens next.
Stronger-than-expected U.S. consumer inflation data will likely be bearish for the AUD/USD and NZD/USD because it will signal that inflation is rising and that the Fed may have to raise interest rates more aggressively this year.
The New Zealand dollar had a negative week over the last 5 sessions, but that’s not a huge surprise considering that we had formed a couple of shooting stars previously on the weekly chart. We have seen the US dollar gain strength against many currencies during the past week, so of course the Kiwi wouldn’t be any different.
The New Zealand dollar rallied a bit during the day on Friday, showing signs of life again. The question now is if we can continue to go higher? I suspect that the levels just above could give us the answer.
The New Zealand dollar has been volatile on Thursday yet again, as we 0.72 level is trying to cause buyers to make a stand. We are starting to roll over a little bit as the Americans get to work, so it could remain very difficult trading.
The decision by the RBNZ led investors to scale back the chances of a rise in interest rates anytime soon.
Notwithstanding the RBNZ’s dovish outcome, the NZDUSD is still left to close below the 0.7205–0.7195 horizontal-region, which if remains unbroken could trigger the pair’s U-turn towards 0.7235 and then to the 0.7280 nearby resistances. Alike NZDUSD, the AUDNZD also struggles with 200-day SMA, which is around 1.0845 in this case. Given the pair prints a D1 close beyond 1.0845 and sustains the up-move then after, the 1.0910 and the 50-day SMA level of 1.0950 are expected immediate resistances to watch.
“The low level of interest rates is continuing to support the Australian economy,” Governor Philip Lowe said in a statement on Tuesday.
The threat of a U.S government shut down to influence the Dollar, while Theresa May and Brexit influences the Pound and Merkel’s progress on forming a grand coalition supports the EUR, with today’s stats another consideration as the equity market slide continues into a 2nd week.
Traders are likely to react to key economic news from Australia. This includes Retail Sales data on Tuesday as well as the Reserve Bank of Australia’s interest rate decision and rate statement.
The New Zealand dollar initially tried to rally during the week but wiped out all the gains to form a shooting star. As we are testing a major resistance barrier, it would not surprise me at all to see a significant pullback. This most recent move has been a bit parabolic, so it probably needs to rest anyway.
The important number that Aussie and Kiwi traders will be watching is average hourly wages. They are expected to rise 0.2% to 0.3%. If that number is higher, it could surprise the markets and give the U.S. Dollar a much needed boost.
First Trading Sniper video of the month brings us three interesting setups. First one is on the Bitcoin, where the price failed to come back above the 11k USD resistance. Bitcoin created a pennant formation, which as expected, ended with the bearish breakout. Currently, we are below the psychological barrier of 10k USD with a great chance to test the 8,7k USD soon.
The major report on Thursday is the U.S. ISM Manufacturing PMI. It is expected to come in at 58.7, slightly below the previous 59.7.
Investing.com - The Australian and New Zealand dollars moved higher against their U.S. counterpart on Wednesday, despite the release of disappointing Australian data as sentiment on the greenback remained significantly fragile.
The New Zealand dollar has bounced significantly from the 0.7275 level, reaching towards the 0.73 level on Tuesday. However, we are in the middle of a lot of noise, and I believe that the market should continue to be very positive longer-term, but difficult to deal with for short-term traders.
If risky assets and commodities continue to fall then the Australian and New Zealand Dollars are likely to be the first two causalities on the currencies list.