During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
NZD/USD is targeting lower levels
2020-02-07 • Updated
NZD/USD has met the resistance of the 200-day MA earlier this week (0.6500) and closed below the 100-day MA (0.6460) on Thursday. The pair resumed the downtrend as it got to the lowest levels since the start of December. The odds are that the price will be drawn to lower levels in the 0.6415/00 area (61.8% Fibonacci retracement of the October-December advance). Technical picture will improve only if NZD/USD returns above 0.6500. The medium-term target may be at 0.6320 (78.6% Fibo).
The main fundamental reason for the decline is that investors think that the USD is less vulnerable to the coronavirus. In addition, America has recently published some really good economic figures. The release of the US Nonfarm Payrolls on Friday will lead to a spike in volatility.
Trade idea for NZD/USD
SELL 0.6440; TP1 0.6400; TP2 0.6375; SL 0.6420
Similar
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...