EUR/USD 1.16023
0.271%
Gold 4320.75
2.615%
Oil 79.103
-4.558%
USD/JPY 160.250
0.031%
GBP/USD 1.34307
0.151%
GBP/JPY 215.230
0.181%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Citigroup has raised its 3-month gold price forecast to $4,500 per ounce and its silver price forecast to $70 per ounce.Citigroup has lowered its oil price forecast to its previous bearish scenario, with updated quarterly oil price forecasts of $75 and $70 per barrel for the third and fourth quarters of 2026, respectively.June 16 – As the Trump administration nears completion of its plan to release 172 million barrels from the Strategic Petroleum Reserve (SPR) to mitigate soaring fuel prices triggered by the Iran war, the U.S. emergency crude oil reserves have fallen to their lowest level since 1983. According to data released Monday by the U.S. Department of Energy, the Strategic Petroleum Reserve (established in the early 1970s following the Arab oil embargo) has fallen to approximately 340 million barrels, near its all-time low. If the plan is completed, this will be the second-largest release in the reserves history, leaving approximately 243 million barrels, just about one-third of its statutory capacity. The dwindling inventory reduces the U.S.s flexibility in responding to future supply disruptions. A Department of Energy spokesperson stated that the government is managing the reserve according to its intended purpose: to help stabilize the oil market, protect the U.S. from supply disruptions, and make the U.S. more energy secure.Fitch Ratings: If the agreement fully opens the Strait of Hormuz, the global oil market is expected to return to oversupply within about a month.Fitch Ratings: (Regarding a potential US-Iran deal) believes that Irans nuclear program and capabilities will remain a source of tension in its relations with the US and Israel.

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