US dollar struggled a bit during this past week against a few major currencies like the Euro and the British pound, and it looks like the US dollar is set for more losses in the near term.
New Zealand after finding support around the 0.7250 level corrected higher, and if buyers manage to gain control then more upside is possible moving ahead.
US dollar looks like forming a short-term top against the Canadian dollar, which means the USDCAD might move lower from the current levels.
Some key releases lined up during the London session today including the German IFO business climate index which could affect the Euro in the short term.
In the US, the existing home sales report will be released, which is expected to remain stable.
EURUSD and GBPUSD pairs need to gain momentum if more gains are required.
The New Zealand dollar after finding support around the 0.7180 level corrected higher against the US dollar. However, there is a major bearish trend line formed on the weekly chart of the NZDUSD pair, which is likely to act as a catalyst in the near term. Currently, the pair is facing hurdle around the 23.6% fib retracement level of the last leg from the 0.8903 high to 0.7180 level where the New Zealand dollar buyers were seen struggling. There is a worrying sign, as the weekly RSI is below the 50 level, which means the pair is still in the downtrend. However, a correction is likely moving ahead.
Intraday Support Level – 0.7420
Intraday Resistance Level – 0.7580
Overall, as long as the pair is below the highlighted trend line it might continue trading lower.
A break above the same could mean a change of trend moving ahead.
If the NZDUSD pair moves lower from the current levels, then initial support can be seen around the 0.7400-20 area where the New Zealand dollar buyers might appear. A break below the same might expose a run towards the last low, which is the next hurdle for sellers.
The US dollar surged higher against the Canadian dollar, but it looks like the USDCAD pair stalled around the 1.2800-10 area. The pair is now correcting lower towards the 23.6% fib retracement level of the last leg from the 1.0542 low to 1.2797 high. The weekly RSI is around the extreme levels, which means the pair might move further lower in the near term. However, there is a major support trend line on the weekly chart, which might act as a hurdle for the US dollar sellers moving ahead. Let us see how the pair trades from here.
Intraday Support Level – 1.2440
Intraday Resistance Level – 1.2600
Selling rallies around the last high look like a good option.
A break above the same might call for more gains moving ahead.
On the downside, the highlighted trend line might continue to act as a pivot area for the pair. However, an immediate support is around the 1.2400 area.
When there is a will there is a trade
A successful Forex trader and expert advisor
New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.
Taking into account today’s volatile economy GTCM endeavors to provide its clients with a secure trading environment and strong financial services. We aim to establish a strong relationship with our customers by providing them with ease, transparency and accountability on all their account activities
Banc De Binary is home to the 21st century investor. Founded in the wake of the 2008 financial crisis, we set out to provide the simplest, most profitable trading solutions, and have built a following among customers in over 80 countries worldwide. Today, we provide access to the financial markets via our online binary options platform to 250,000 account holders. As a World Finance listed company and multi award-winning firm, we are proud to be able to guarantee a safe and risk-controlled environment for all our valued clients.
HY Markets is a market leader in providing retail and institutional investors with access to foreign exchange and other capital markets. With HY Markets you can trade forex, metals such as gold and silver, energy products such as US oil and natural gas, commodities, indices as well as stocks, all from a single integrated account.
Ikon Markets are an online trading service provider affiliated to the Ikon Group, an acclaimed global network for online financial trading. Prior to the introduction of our online segment. We, at Ikon, have had many years of experience in providing financial trading services to institutional investors, such as banks, large financial institutions and mutual fund companies.