Brief remarks via Kiwi Bank in New Zealand on the New Zealand dollar wee ahead: We see the NZD supported on the downside to 0.6250 now, with lower levels from there requiring a break of the key 0.6238 technical level. While we have some support at 0.6400 with 0.6370 as the first level of downside
Technical Analysis
20 year UK gilt yields The 20 year UK Gilt yield reached a new cycle high and highest level since May 2016. The high yield reached 2.255%. That is up from the February 28, 2022 week low at 1.369%, and up from the December 6, 2021 week low at 0.861% Looking at the weekly chart,
AUDUSD has found sellers near the higher MAs Both the AUDUSD and NZDUSD has seen up and down price action today, as the trading week works toward the close. However, both pairs have found sellers near their hourly MAs at the session highs. Staying below keeps the sellers more in control today and going into
USDCAD extends above 1.2900 The USDCAD has extended to a new session high and in the process has move back above the 1.2900 level. There was a high price going back to March 8. On Monday, the price broke above that level on its way to the highest level since December 22, 2021. The high
The US 10 year yield is approaching 2018 peak The US 10 year yield is trading just off the high for the day and week at 3.134%. The current yield is at 3.126%. Looking at the weekly chart, the yield is at the highest level since November 2018. The high yield in 2018 reached 3.248%.
GBPUSD but closer to the June 2020 lows The GBPUSD continued its move lower today. The price traded to the lowest level since June 2020 with a new low of 1.2277. That got close to the June 29/June 30 lows between 1.2250 and 1.2256, but early buyers against that next key support target have pushed
If EU efforts to ban Russian oil fall apart, there could be a real rout in oil. Technically, it earlier looked like oil could break the wedge pattern that’s been forming for two-and-a-half months. Instead, that’s starting to look like a false breakout as oil reverses to $108.21 from a high of $111.37. There’s lots
GBPUSD moves to new 2022 lows The BOE raise rates by 25 basis point, but the rate hike was considered more of a dovish/bearish hike. Economic forecasts call for sharply higher inflation to year-end, and declining growth. That sent the GBPUSD tumbling lower and below the low from last week at 1.24103. The price has
NASDAQ index tests its 100 hour moving average The NASDAQ index is up 413 points or 3.27% at 12978. Looking at the hourly chart, that takes price above its 100 hour moving average at 12946 for the 1st time since April 5. Stay above that moving average is the best case scenario for the buyers.
EURUSD trades to new session high and away from its 100H MA The EURUSD traded in a narrow 29 pip range as North American traders entered for the day. The price action on the hourly chart above saw the pair trading above and below its flattening 100 hour moving average. That range has now been
USDJPY seems to be stuck in a range now The USDJPY is taking a breather today with a 60 pip trading range. That is about half of the oversized 122 average over the last 22 trading days (about a month of trading days). The price action has been down, up, down and back up again.
GBPUSD tries above its 100 hour moving average one The GBPUSD reached the lowest level since July 2020 last week at 1.2410 and moved higher on Friday. That move took the price above its 100 hour moving average for the first time since April 22. However momentum could not be sustained,and yesterday saw the price
The price of WTI crude oil futures retraced the earlier losses and is settling at $105.17. That’s up $0.48 or 0.46%. The low price was down at $100.28. While the high price extended to $105.71. Crude oil erases earlier declines In the Asian/European session, the price moved sharply lower, falling below its 100 and 200
EURUSD stays below its 100 hour moving average The EURUSD fell sharply last week bottoming on Thursday at the lowest level since January 2017. That low reached 1.04703 before bouncing on Friday and closing at 1.0540. The price is currently trading at 1.05265 down 14 pips on the day. Looking at the hourly chart, the
EURJPY trades the support and resistance range. The EURJPY has traded support and resistance levels in trading today. The high for the day reached near the highs from yesterday. That level comes in at 137.966. The 200 hour MA in in that area as is the 38.2% of the move up from the April low.
AUDUSD retraces the gains today The AUDUSD squeezed higher in the Asian session, and at the start of the North American session, the AUD was the strongest of the major currencies (see post earlier today) The move to the upside saw the pair move above a topside channel trendline, the 100 hour moving average (blue
NASDAQ is trading down to the swing low from 2021 The Nasdaq index is trading to a new session low and in the process is now down 3% on the day. The low price . The price reached 12481.76. The price is currently trading just above that 12490.00. That’s down 381 points or -2.96% on
WTI crude oil moved up to $108 and backed off The price of WTI crude oil futures rose to near 8% on the day at session highs. Those highs moved into a swing area ahead of the recent April high (at $109.05). That swing area came between $107.86 and $108.14 (see red numbered circles and