AUDUSD Forecast May 12, 2017, Technical Analysis
The Australian dollar had an interesting session, initially falling, perhaps in sympathy to the moves in the New Zealand dollar.
New Zealand
NZDUSD Descending Triangle Aug 24, 2015
NZDUSD is forming a descending triangle on its 4-hour time frame, making lower highs and finding support around the .6500 major psychological level. Price just got rejected on its latest test of the triangle resistance and is making its way back towards the bottom of the triangle.
NZDUSD Triangle Support Aug 17, 2015
NZDUSD got rejected in its test of the descending triangle resistance and is now moving back to the bottom around the .6500 major psychological level. Whether a bounce or a break takes place depends on the outcome of the economic reports from New Zealand in the next few days.
GBPNZD Ascending Triangle (May 21, 2015)
GBPUSD has been forming higher lows and finding resistance at the 2.1200 to 2.1300 levels, creating an ascending triangle pattern on its 1-hour chart.
Crude Oil Playbook
WTI Crude Oil (USO, quote) prices moved slightly higher during overnight trading in Asia. Volume remains light as we approach the U.S. first trading of the week with New Zealand and Australia closed for holiday.
AUD/USD Forecast March 11, 2014, Technical Analysis
The AUD/USD pair fell during the session on Monday, but remains above the 0.90 handle.
NZD/USD Countertrend Play January 21, 2014
NZD/USD is forming a rising channel on its 1-hour time frame, after having bounced off the bottom near the .8200 major psychological support.
The Yen Index – Barometer of Risk
As mentioned in the previous post, the Yen index can give us an excellent perspective of market sentiment, given the Yen’s unique position within the forex market as both a currency of safe haven and a gauge of market risk.
New Zealand Dollar Rebound Threatened by Dovish RBNZ
The New Zealand Dollar was the second best performer this week, finishing just 0.12 percent lower against the top performer, the Australian Dollar. The Kiwi crushed the safe haven currencies, the Japanese Yen and the US Dollar, appreciating by 3.72 percent and 2.05 percent, respectively. As Currency Strategist Ilya Spivak frequently notes, the New Zealand Dollar has a very tight correlation to the MSCI World Stock Index, so the commodity currency is at bay to global risk trends.
US Dollar Rally May Find Added Fuel in Global Slowdown Fears
Most of the major currency pairs continue to show significant correlations with the MSCI World Stock Index, suggesting that broad-based risk appetite trends remain dominant as drivers of price action. This puts thematic macro-level concerns – specifically, the durability of the US recovery and its ability to offset headwinds from Europe and China facing global growth – squarely at the forefront. The US economic calendar is relatively quiet, with headline event risk clustered at the end of the week as PPI and UofM Consumer Confidence readings cross the wires on Friday. This puts the onus on evaluating the extent of downward pressure.