NZDUSD trading volumes began to decline

NZDUSD trading volumes began to decline. The New Zealand currency is correcting against the US dollar on the background of positive macroeconomic statistics and is now near 0.6746.

International trade continues to grow. As of November, New Zealand’s imports rose to 6.73B NZ dollars and exports reached 5.86B NZ dollars. The trade balance in November amounted to -864M NZ dollars, and in annual terms, the figure was fixed at -6.040B NZ dollars.

The positive dynamics of the recovery of the national economy can be traced by statistics of Credit Card Spending: in November, the figure was -0.1%, which is significantly better than -5.2% shown a month earlier. Thus, despite the impact of the coronavirus pandemic, the indicators continue to improve with confidence, supporting the exchange rate of the New Zealand currency.

The US dollar remains at its opening levels for the week, just above 96.500 in the USD Index. Trading volumes dropped markedly due to investors leaving for the Christmas holidays. Perhaps the only news that could change the rate of the US currency was a bill to allocate 2T US dollars to support the national economy, but, according to the leader of the majority in the US Senate Chuck Schumer, Democrats will consider this issue only in 2022.

Support and resistance

Quotes of NZD/USD are correcting within the next downward wave of the global downward channel. Technical indicators hold a stable sell signal, but do not exclude corrective growth: the range of the Alligator indicator EMAs fluctuations continues to narrow down and the histogram of the AO oscillator forms local ascending bars being in the sales area.

Support levels: 0.6700, 0.6500.

Resistance levels: 0.6806, 0.7020.

NZDUSD trading volumes began to decline
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Daily technical analysis October 15, 2021

EUR/USD Current level – 1.1591

The bulls did not manage to gain enough momentum to successfully breach the resistance zone of 1.1597 and, during the early hours of today`s trading session, the pair is trading just under the mentioned level. A new test of the level in question is a highly probable scenario and, if successful, the pair will most likely continue to recover and target the resistance level of 1.1639. However, if the bears regain control of the market and breach the support zone of 1.1528, the common European currency will most likely continue to lose ground against the greenback and move towards the levels of around 1.1400. During today’s session, volatility could spike when the data for the retail sales in the U.S. is announced (today; 12:30 GMT).

resistance
intradayintraweek
1.15971.1687
1.16401.1750
support
intradayintraweek
1.15301.1410
1.14701.1280

GBPUSD inflation data may influence the decision of the Bank of England – 15 December 2021

GBPUSD inflation data may influence the decision of the Bank of England

GBPUSD inflation data may influence the decision of the Bank of England. The British pound is trading in the area of record lows, updated last week. Investors are in no hurry to open new positions ahead of meetings of the world’s leading regulators. Today the US Fed will hold a meeting, and a block of statistics from the UK on the dynamics of consumer and production prices for November will be released. From the American regulator, market participants expect acceleration in the pace of reduction of the quantitative easing program, which should provide moderate support to the dollar.

In turn, the European Central Bank and the Bank of England will hold their meetings tomorrow. The British regulator probably will not change the parameters of monetary policy, although not long ago analysts were confident in the growth of the interest rate. However, much will depend on inflation statistics that will appear today.

The UK data released yesterday was moderately optimistic. Claimant Count Change in November showed a decrease of 49.8K after a reduction of 14.9K in October. ILO Unemployment Rate in October expectedly decreased from 4.3% to 4.2%.

Support and resistance

In the D1 chart, Bollinger Bands are reversing horizontally. The price range is reducing from above, pointing to the development of multidirectional dynamics of trading in the short term. MACD indicator is growing while preserving a rather stable buy signal (located above the signal line). Stochastic, having interrupted a steady growth at the beginning of the week, is reversing into a downward plane approximately in the center of its area.

Resistance levels: 1.3250, 1.3300, 1.3350, 1.3400.

Support levels: 1.3200, 1.3159, 1.3125, 1.3100.

GBPUSD inflation data may influence the decision of the Bank of England

EURUSD bearish sentiment in the asset is intensifying – 28 January 2022

EURUSD bearish sentiment in the asset is intensifying

EURUSD bearish sentiment in the asset is intensifying. The European currency shows ambiguous dynamics of trading against the US dollar during today’s Asian session, consolidating near the level of 1.1150. The day before, EUR/USD showed a steady decline, as a result of which it updated record lows from June 2, 2020.

The reason for the strengthening of “bearish” sentiment yesterday was the strong data on the dynamics of US GDP for Q4 2021. The US economy expanded 6.9% in Q4 after expanding 2.3% in the prior period. Analysts had expected growth of only 5.5%. The published statistics correlate with the words of the Chair of the US Federal Reserve, Jerome Powell, who commented on the prospects for the regulator’s monetary policy on Wednesday. The official noted the achievements of the American economy and said that board members are considering a rate hike as early as March. Moreover, under certain circumstances, the regulator can adjust the rate by 50 basis points at once.

Today, investors will be focused on statistics on the dynamics of German GDP for Q4 2021. Also during the day, there will be a report on business sentiment in the euro area for January.

Support and resistance

Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is expanding; however, it fails to catch the surge of the “bearish” sentiment at the moment. MACD is going down preserving a stable sell signal (located below the signal line). Stochastic keeps a confident downward direction but is already approaching its lows, which indicates the risks of oversold EUR in the ultra-short-term.

Resistance levels: 1.1185, 1.1220, 1.1255, 1.1300.

Support levels: 1.1130, 1.1100, 1.1054, 1.1000.

EURUSD bearish sentiment in the asset is intensifying

Daily technical analysis November 18, 2021

USD/JPY Current level – 114.10

The dollar lost most of the week’s gains after a wave of sell-offs around 114.92. The pair is thus again finding itself in the range between 113.41 and 114.41. Currently, the sentiment is rather neutral, with the bears prevailing if prices fall below 113.77. In such a scenario, a breach of 113.41 and a test of the support at around 112.75 can be expected. The bulls still have a chance to test the 114.92 resistance again, and a weekly close around this zone would significantly increase the odds of a new rally developing. Should sentiment shift to safe haven assets instead, there may be more declines coming for the Ninja.

resistance
intradayintraweek
114.92115.50
115.50117.00
support
intradayintraweek
114.41113.40
113.77112.75

NZDUSD the instrument is weakening

NZDUSD the instrument is weakening

NZDUSD the instrument is weakening. Due to the growth of the US dollar, the NZD/USD pair corrects, trading near the level of 0.6822.

The number of new cases of infection with the Delta strain in New Zealand is on the rise, and Prime Minister Jacinda Ardern has announced that the country would not be able to completely get rid of the pandemic, so there was little point in restrictions, and 0othey would be lifted. As for the economic indicators, a foreign trade report was recently published. According to the October data, the volume of exports increased to 5.35B dollars, while imports amounted to 6.64B. The trade balance reached –1.286B MoM, which is better than –2.206B for September, and –4.920B YoY, down from –4.110B a month earlier.

The American currency index is growing, reaching the level of 96.700. Against the background of a hiatus in trading due to Thanksgiving Day, the key growth drivers for the dollar are the news of the re-election for a second term of the head of the US Federal Reserve, Jerome Powell, and the largest decline in the number of applications for unemployment benefits in the last 50 years: the figure fell to 199K.

Support and resistance

The asset left the ascending channel, breaking the support line. Technical indicators keep a stable sell signal: fast EMAs on the Alligator indicator is below the signal line, and the histogram of the AO oscillator trades in the sell zone, forming downward bars.

Resistance levels: 0.6860, 0.7040.

Support levels: 0.6800, 0.6600.

NZDUSD the instrument is weakening

AUDUSD Australian economy is recovering steadily – 10 February 2022

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AUDUSD Australian economy is recovering steadily

AUDUSD Australian economy is recovering steadily. The Australian currency demonstrates relative stability against the background of the neutrality of the US dollar, currently forming a local uptrend and trading around 0.7172.

Macroeconomic statistics coming from Australia indicate that the country’s economy continues to recover from the effects of the coronavirus pandemic confidently. According to the largest bank in the country, Westpac Banking Corporation, the consumer sentiment index for February may correct too –1.3% from –2.0%, and the expected inflation, according to the forecasts of the University of Melbourne, will rise to 4.6% from 4.4% month previously. Meanwhile, the index of building permits issued for January added 8.2%, which coincided with preliminary market estimates and exceeded the December increase of 2.6%. Thus, the probability that the Australian dollar will end the trading week with positive dynamics is quite high.

The situation in the currency pair may seriously change today after the publication of inflation data in the US. Investors are closely watching the dynamics of consumer prices in light of the possible start of a cycle of interest rate hikes by the US Federal Reserve in March this year. According to analysts, the figure will rise to 7.3%, surpassing the December value of 7.0%. If the forecast is implemented, the probability of a rate increase will increase significantly, locally supporting the US dollar, which has been trading almost neutral since Monday.

Support and resistance

On the global chart, the price moves within a long downtrend. Technical indicators are in the state of a sell signal, which is already ready to change to an upward one: the EMA fluctuation range on the Alligator indicator is actively narrowing, and the AO histogram forms upward bars in the sell zone.

Resistance levels: 0.7227, 0.7415.

Support levels: 0.7100, 0.6980.

AUDUSD Australian economy is recovering steadily