EUR/USD 1.14137
-0.233%
Gold 4004.69
-0.265%
Oil 82.613
1.545%
USD/JPY 162.495
0.071%
GBP/USD 1.34319
-0.192%
GBP/JPY 218.267
-0.121%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Hang Seng Index futures closed down 0.21% at 25,099 points in overnight trading, a discount of 44 points.U.S. Steel (XN) has proposed a five-year labor agreement to the United Steelworkers Union, including a cumulative 18.2% wage increase and a $4,000 approval bonus. Negotiations are scheduled to resume in Pittsburgh on August 10.A spokesperson for Paramount (PSKY.O) expressed gratitude to the U.S. court for swiftly approving the application for a temporary restraining order, and expressed confidence that the evidence would prove the antitrust claims made by state attorneys general against the Warner Bros. Discovery (WBD.O) merger to be "baseless."On July 21, it was reported that on July 20, local time, newly appointed British Prime Minister Burnham appointed several cabinet members. Burnham appointed former Defence Secretary John Healy as Chancellor of the Exchequer. Healy previously served as Defence Secretary in the Starmer government but resigned in June due to a dispute over defense spending. Burnham also appointed Ed Miliband as Foreign Secretary. Miliband served as Labour Party leader from 2010 to 2015 and as Energy Secretary in the Starmer government. In addition, Louise Hague was appointed First Minister of State and Secretary of State for the Duchy of Lancaster. Hague previously served as Transport Secretary and resigned in November 2024; she is considered a key supporter of Burnham. Home Secretary Shabana Mahmoud will continue in her current position. Burnham was appointed the new Prime Minister by King Charles III on July 20 and authorized to form a new cabinet.July 21 - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.05% to 875 yuan/gram, the Shanghai Silver futures contract rose 1.13% to 13,840 yuan/kilogram, and the SC Crude Oil futures contract fell 0.43% to 535 yuan/barrel.

Analysis of the NZD/USD Price indicates a continuation of gains towards 0.65

Daniel Rogers

Jan 18, 2023 15:02

 NZD:USD.png

 

The NZD/USD pair is oscillating within a narrow range near 0.6430 in the early Asian session. Despite the market's risk aversion, the New Zealand dollar has traded sideways after reclaiming the monthly high of 0.6437. In reaction to Tom Barkin's hawkish comments about the Richmond Federal Reserve (Fed) Bank, S&P500 futures are exhibiting greater losses, indicating investors' diminishing appetite for risk.

 

Following a V-shaped recovery, the US Dollar Index (DXY) has turned sideways at 102,000 and is expected to extend gains on a risk aversion theme. In addition, higher 10-year US Treasury yields would certainly provide safe-haven investments a new lease of life.

 

After one hour of consolidation, the NZD/USD pair has broken out of the Bullish Pennant chart pattern, indicating that the rising trend will continue. Participants typically initiate long positions during the consolidation period of a chart pattern, preferring to enter an auction once a bullish bias has been established.

 

Adding to the upward filters, the 20-period and 50-period Exponential Moving Averages (EMAs) have resumed their upward trend at 0.6415 and 0.6401, respectively.

 

Meanwhile, the Relative Strength Index (14) continues to struggle to enter the positive zone between 60.00 and 80.00. The occurrence of a similar event will produce bullish momentum.

 

For greater gains, the Kiwi asset must beat Tuesday's high of 0.6439, which will rocket it to December 15's high of 0.6470, then December 13's high of 0.6514.

 

Alternately, a breach below Monday's low of 0.6361 will weaken the New Zealand Dollar and push the Kiwi asset towards January 12's low of 0.6304. A breach below this level will expose the asset to more losses approaching the low of 0.6263 on December 28.

Suggestion