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The New Zealand remains locked in a well-defined down trend against its US counterpart despite over two weeks of sideways consolidation. Price action has been marked by a clear-cut series of lower highs and lowssince a reversal from triple top resistance in mid-April. From here, a daily close below support in the 0.6688-0.6726 area opens the door for a challenge of the 38.2% Fibonacci expansion at 0.6589. Alternatively, a reversal above ...
The Australian Dollar continues to struggle for near-term direction near the 0.74 figure against its US counterpart but the dominant trend remains firmly bearish. The series of lower highs and lows established in late January from double top resistance above 0.81 continues to define price action. From here, a daily close below chart inflection point support at 0.7335 opens the door for a challenge of double bottom support in the 0.7145-65 ...
The last few days brought with them the potential for yet another test of major support in the low-11500s, an area EUR/USD has held on three occasions since late-May. Will it hold, fold, or was Friday's decline and recovery the carving out of a higher-low from not so obvious support? There is a trend-line from January 2017 running through the bottom of recent price action which also coincides with a lower parallel on the 4-hr chart, this could provide the means to put in place a higher low. However, ...
Despite persistent media fears about a trade war being the death of the global economy, spot and option trades around USD/JPY are seeing blue (or green) skis ahead. The Yen, typically a barometer of risk sentiment and seen as a bit of a haven asset, continues to weaken and fell to the lowest levels against the USD on Wednesday since early January. In alignment with a higher spot USDJPY was the US Treasury 2-year yields. The US PPI final figures showed the highest demand since 2011. ...
Gains in the pair stalled ahead of the 1.18 handle, while the failure to close above resistance at 1.1775, allows for the pair test lower levels at 1.17, however, the rising trendline from Jan 2017 continues to offer support. Previous resistance at 1.1720 will be the next target on the upside with 1.1755, which marks the 23.6% Fibonacci retracement of the 2018 peak - 2018 low another level of interest on the upside. In the short term, EURUSD has softened, however, on the weekly timeframe, momentum ...
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