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The German DAX 30 index closed up 359.11 points, or 1.46%, at 24,995.27 on Tuesday, June 30; the UK FTSE 100 index closed up 19.74 points, or 0.19%, at 10,503.96; and the French CAC 40 index closed up 36.66 points, or 0.44%, at 8,403.99. The Stoxx 50 index closed up 93.33 points, or 1.50%, at 6324.96 on Tuesday, June 30; the Spanish IBEX 35 index closed up 83.26 points, or 0.43%, at 19470.66 on Tuesday, June 30; and the Italian FTSE MIB index closed up 537.30 points, or 1.05%, at 51700.50 on Tuesday, June 30.June 30 – According to the Wall Street Journal, informed officials revealed that an internal power struggle in Iran is threatening the US-Iran peace talks: civilian leaders are seeking to unfreeze billions of dollars in assets, while hardline military officials are vying for control of the Strait of Hormuz. The civilian leadership, led by Iranian President Peshichizian, aims to unfreeze billions of dollars to alleviate the plight of millions of Iranians. However, other forces, including the now dominant Revolutionary Guard, have different plans. The Revolutionary Guard intends to maintain complete control of this crucial strait at all costs and plans to establish a lucrative toll system to both bolster the armed forces finances and dominate the security landscape of the entire region. The Revolutionary Guard has informed mediators that if they cannot obtain assurances in the Doha negotiations regarding Irans sole control of the Strait of Hormuz, they will close the waterway again. Furthermore, the organization has demanded that the United States and other countries abandon plans to allow ships to pass through the southern waters of the strait (closer to the Omani side).The U.S. Energy Information Administration (EIA) revised its March U.S. crude oil production estimate upward by 22,000 barrels per day to 13.718 million barrels per day. U.S. April crude oil production increased by 216,000 barrels per day from March, reaching 13.934 million barrels per day.The percentage of US Treasury bonds auctioned for the six weeks ending June 30 was 54.61%, compared to 92.35% previously.The US Treasury auction for the six weeks ending June 30th yielded a winning bid of 3.655%, compared to 3.62% previously.

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.

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