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The Dow Jones Industrial Average rose 493.15 points, or 1.08%, to close at 46,245.41 on Friday, November 21; the S&P 500 rose 64.23 points, or 0.98%, to close at 6,602.99; and the Nasdaq Composite rose 195.03 points, or 0.88%, to close at 22,273.08.On November 22, the Sudanese paramilitary rapid support force issued a statement on the 21st, expressing gratitude to the international community for its efforts in mediating the Sudanese conflict and alleviating the suffering of the people, and stating that it is responding to relevant initiatives "fully and seriously." The statement, released via social media, identifies the Sudanese military as responsible for the lack of a peace agreement, and states that the rapid support force is determined to address the crisis at its root and build a "new Sudan" with a unified, professional, and extremist-free national army.According to the U.S. Commodity Futures Trading Commission (CFTC), as of the week ending October 7, speculative net long positions in COMEX gold futures decreased by 15,384 contracts to 133,927 contracts. COMEX silver futures speculative net long positions decreased by 7,357 contracts to 29,893 contracts.U.S. Republican Congressman Tyler Green announced that he will resign from public office and leave office on January 5th of next year.According to the U.S. Commodity Futures Trading Commission (CFTC), as of the week ending October 7, net long positions in natural gas futures on NYMEX and ICE markets increased by 866 contracts to 241,467 contracts. Speculative net short positions in WTI crude oil futures increased by 33,023 contracts to 42,487 contracts. Speculative net long positions in COMEX copper futures increased by 8,536 contracts to 58,648 contracts.

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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