Tue, May 18, 2021 @ 22:29 GMT
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Dollar Selloff Intensifies, European Majors Winning

Dollar's selloff intensifies today as risk-on sentiment is slowly coming back to the markets. Yen is following as the next weakest. European majors are currently the main winners. Commodity currencies are somewhat lagging behind. In other markets, European indexes are trading slightly higher while US futures also point to...

NZDUSD Wedge Watch

The New Zealand dollar is preparing for its next major move against the US dollar currency, as the pair trades at the bottom of a broadening ascending wedge pattern. A drop below the typically bearish price pattern could see the NZDUSD pair dropping towards the 0.7100 support level. If...

CFTC Commitments of Traders – Bets on Higher CAD Increased Markedly

As suggested in the CFTC Commitments of Traders report in the week ended May 11, NET LENGTH of USD index futures added +368 contracts to 2 423. Speculative long positions gained +5 095 contracts while shorts were up +4 727 contracts. Concerning European currencies, NET LENGTH in EUR futures...

NZDUSD Gains Impetus Within Bullish Channel

NZDUSD is in the process of recapturing the ground above the Ichimoku cloud after recently bouncing off the 200-period simple moving average (SMA) around 0.7134. The flattening demeanour of the 50- and 100-period SMAs is reflecting the recent dwindling in sentiment, while the advancing 200-period SMA is endorsing the...

NZD Yawns As Manufacturing Index Slows

The New Zealand dollar has posted small gains in Friday trade. In the European session, NZD/USD is trading at 0.7190, up 0.13% on the day. The pair is down 1.22% this week and is poised to have its worst weekly performance since mid-March. NZ Manufacturing Index slows The BusinessNZ Manufacturing Index...

NZD/USD Bounces Off Support

The risk-sensitive New Zealand dollar swings up as the ‘risk-off mood recedes. The pair has found support along with the 30-day moving average, above the demand zone around 0.7120. An oversold RSI could have led the sell-side to take profit at the support, turning the price around in the process....

New Zealand Steadies After Slide

The New Zealand dollar is flat in Thursday trade. In the European session, NZD/USD is trading at 0.7157, up 0.02% on the day. New Zealand dollar plunges on inflation fears It was Black Wednesday for the New Zealand dollar, which plunged 1.57%, its worst one-day showing since Mach 23rd. The culprit...

NZDUSD Prepares For Footing Or Tumble, Gains Questioned

NZDUSD has deflected off the 0.7306 high and is currently tackling the 0.7239 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 0.6510 until 0.7464. The 200-day simple moving average (SMA) is defending the uptrend, while the entwined and horizontal 50- and 100-day SMAs...

NZDUSD 0.7285 Resistance

The New Zealand dollar is starting to pullback against the US dollar currency, after finding strong technical resistance around the 0.7300 level. NZDUSD bulls need to keep the price above the 0.7285 level to ignite a bullish inverted head and shoulders pattern. Any dips towards the 0.7200 level are...

Yen Broadly Lower, Sterling Rises, as a Relatively Light Week Starts

Dollar stabilizes mildly as another week starts, as selling focus temporarily turns to Yen. Both are weak nonetheless and stay near term bearish as least. Meanwhile, Sterling is trading slightly stronger in Asian session with help from recovery in crosses against Euro and Swiss Franc. But commodity currencies, as...

CAD/JPY, NZD/JPY and AUD/JPY preparing to extend up trend

Yen opened the week generally lower, and selloff could accelerate further, in particular against commodity currencies. CAD/JPY is still leading the way and is now eyeing 90 handle. Near term outlook will remain bullish as long as 88.28 resistance turned support holds. Current up trend should target 61.8% projection...

CFTC Commitments of Traders – Traders Trimmed Bets on USD Index Futures

As suggested in the CFTC Commitments of Traders report in the week ended May 4, NET LENGTH of USD index futures dropped -691 contracts to 2 055. Speculative long positions dropped -1 836 contracts while shorts were down -1 145 contracts. Net longs could trim further in the coming...

NZDUSD Fails To Progress As Bullish Drive Dwindles

NZDUSD has hit a snag as upside momentum appears to have evaporated, indicating that the pair may struggle to further extend its recent bounce off the uptrend line pulled from the 0.6944 low. The 50- and 200-period simple moving averages (SMAs) are suggesting a more neutral price development towards...

US Dollar Wilts On Global Recovery Flow

Dollar dips ahead of NFP report The US dollar abruptly changed direction once again overnight, the dollar index retreating 0.40% to 90.90, easing slightly in Asia today to 90.86. Ongoing global recovery hopes and sky-high Non-Farm Payroll expectations were behind the demise, helped along by US yields unexpectedly reducing as...

NZD/USD Strong Confluence At The W H4

The NZD/USD is having a move exactly from the 1-2-3 pattern and towards the next support as a part of pre NFP profit-taking. The NZD has been one of the strongest currencies this week. However, profit-taking could make the price retrace towards the ATR support at 0.7187 and further down...

New Zealand Dollar Flat

NZD/USD is directionless on Thursday. In the European session, NZD/USD is trading at 0.7212, down 0.03% on the day. China is in the spotlight, as relations with Australia and New Zealand seem to be souring by the day. New Zealand Prime Minister Jacinda Ardern had some stern comments about China...

NZD/USD Climbs Above 0.7200 As NZ’s Unemployment Drops

Key Highlights NZD/USD remained well bid above the 0.7100 support. It climbed higher above a major bearish trend line with resistance near 0.7175 on the 4-hours chart. New Zealand's unemployment rate dropped from 4.9% to 4.7% in Q1 2021. Crude oil price remains elevated and it surpassed the $65.00...

NZ Dollar Rebounds on Sharp Job Data

NZD/USD has posted strong gains on Wednesday. In the European session, NZD/USD is trading at 0.7196, down 88% on the day. New Zealand employment data outperforms The New Zealand dollar continues to show significant volatility this week. NZD/USD fell by 0.76% on Tuesday but has recovered these losses in the Wednesday...

NZDUSD Pauses Upside Structure In Near Term

NZDUSD is heading slightly up after the bounce off the 0.6940 support, hovering near the bullish crossover within the 20- and 40-day simple moving averages (SMAs). Technically, the indicators are showing mixed signals in the near term. The RSI is moving sideways near the neutral threshold of 50, while the...

NZD/USD Falls From Supply Area

The New Zealand dollar clawed back some losses after the country's unemployment rate dropped to 4.7%. The pair is heading south after having met tense selling pressure near the daily resistance at 0.7300. Strong momentum below 0.7150 then 0.7125 is an indication that buyers are currently out of the picture. 0.7210...

The US Dollar Wins Amongst FX Majors

Markets Don't be blinded by market talks that US Treasury Secretary Yellen triggered yesterday's risk sell-off. Most of the intraday harm had already been done ahead of her comment that “it may be that interest rates have to rise somewhat to make sure our economy doesn't overheat”. She later stressed...

US Dollar Cools After Yellen’s Higher Rates Statement

US stocks wavered in the regular session and futures market as the market reacted to comments by Janet Yellen on interest rates. In an interview, she said that rates needed to start rising gradually to prevent the economy from overheating. She later walked back those comments and said that...

European Open: Indices Off To A Bad Start In May

It was a rough day for equity bulls yesterday, with several indices breaking key support levels amidst their worst level in weeks. Will today’s trade continue this trend? Asian Indices: Australia's ASX 200 index rose by 44 points (0.62%) and currently trades at 7,111.90 Japan's Nikkei 225 index has risen...

Kiwi Rebounds on Strong Job Data, Dollar and Yen Soften

Trading continues to be relatively subdued in the forex markets. US Treasury Janet Yellen's comments prompted selloff in stocks overnight. But reactions in currencies were just mild, with most pairs and crosses range bound. Strong job data from New Zealand is giving the Kiwi a lift, while Aussie is...

NZD/USD and NZD/JPY pressing near term support with deep retreat

New Zealand Dollar weakens notably today, in particular against Dollar and Yen. NZD/USD was apparently rejected by 0.7268 resistance, after failing to sustain above it. Focus is now back o 0.7120 minor support. Break there will suggest that recovery from 0.6942 has completed at 0.7285. The corrective pattern from...

Elliott Wave Analysis: NZD/USD Resumes The Uptrend, More Upside After Set-Back

NZDUSD is turning higher with impulsive price action, out of a downward channel so we assume that corrective wave four is finished and that pair can be back in bullish mode. However, nothing moves in straight line so current reversal down is normal and ideally it will be made...

CFTC Commitments of Traders – Traders Trimmed Bets on US Dollar

As suggested in the CFTC Commitments of Traders report in the week ended April 27, NET LENGTH of USD index futures dropped -772 contracts to 2 746. Speculative long positions slipped -855 contracts while shorts were down -83 contracts. Concerning European currencies, NET LENGTH in EUR futures added +159...

New Zealand Dollar Jumps After FOMC Meet

The New Zealand dollar has steadied on Thursday after posting strong gains a day earlier. Currently, NZD/USD is trading at 0.7260, up 0.07% on the day. The pair has climbed 0.85% so far this week. New Zealand dollar heads higher The New Zealand dollar continues to gain ground against the struggling...

CAD/JPY upside breakout, NZD/JPY to follow

Yen's broad based decline intensifies today on extended rebound in global treasury yields. In particular, US 10-year yield is probably ready to reclaim 1.7 handle later this week or early next week. Germany 10-year yield is flirting with -0.2 handle, while Japan 10-year JGB yield is pressing 0.1 handle. CAD/JPY...

NZDUSD Bulls Lose Energy As Key Barriers Arise

NZDUSD has been struggling to surpass the wall composed by the squeezed Ichimoku cloud and the 23.6% Fibonacci of the 0.6510 – 0.7463 up leg at 0.7238 over the past week. The short-term bias remains tilted to the upside, though it is currently looking anemic as the RSI is ranging...