|
Currency |
Last |
High |
Low |
Daily Change (pip) |
Daily Range (pip) |
|
NZDUSD |
0.7164 |
0.7193 |
0.7103 |
43 |
90 |
The New Zealand dollar remains the best performing currency against the greenback on Wednesday as it maintains the advance from earlier this week, but the three-day rally appears to be losing steam as price action struggles to hold above the 10-Day SMA at 0.7178. The NZD/USD is 40+pips higher from the open after moving 98% of its daily ATR, and the exchange rate may fill-in the gap from the 240-SMA at 0.7100 as the 30-minute RSI falls back from overbought territory. With the June rally failing to retrace the decline from earlier this year, the kiwi-dollar appears to have carved a near-term top in recent weeks as price action fails to push above 0.7400, and the exchange rate may push lower over the remainder of the week as market sentiment falters. However, as the 120-SMA (0.7092) looks poised to cross above the 240-SMA, the technical outlook favors a bullish short-term outlook for the kiwi-dollar, which could lead the pair to test the 20-Day SMA at 0.7236.
Key Levels/Indicators
|
Level/Indicator |
Level |
|
20-Day SMA |
0.7236 |
|
50-Day SMA |
0.7118 |
|
200-Day SMA |
0.7097 |
|
100-Day SMA |
0.7058 |
Upcoming Events
|
GMT |
Importance |
Release |
Expected |
Prior |
|
22:45 |
LOW |
Producer Prices- Inputs (QoQ) (2Q) |
-- |
1.3% |
|
22:45 |
LOW |
Producer Prices- Outputs (QoQ) (2Q) |
-- |
1.8% |
|
3:00 |
LOW |
ANZ Consumer Confidence Index (AUG) |
-- |
115.6 |
|
Currency |
Last |
High |
Low |
Daily Change (pip) |
Daily Range (pip) |
|
AUDUSD |
0.9000 |
0.9059 |
0.8987 |
52 |
72 |
The Australian dollar halted the two-day advanced and slipped to a low of 0.8987 during the overnight trade, and the exchange rate may cross back below the 100-Day SMA at 0.8848 as market sentiment falters. The AUD/USD remains 50+points lower on the day after moving 70% of its average true range, and a break below the 240-SMA (0.8979) would expose 200-Day SMA at 0.8957. At the same time, there appears to be forming a head-and-shoulders pattern as price action struggles to push back above 0.9100, but there are certainly some mixed technical signals for the aussie-dollar as the 50-Day SMA (0.8812) approaches the 100-Day SMA at 0.8848. If we see price action continue to below the 10-Day SMA at 0.9051, there would be an increased likelihood for the head-and-shoulders to play out over the near-term, which could trigger a break below the 100-Day SMA.
Key Levels/Indicators
|
Level/Indicator |
Level |
|
10-Day SMA |
0.9051 |
|
20-Day SMA |
0.9042 |
|
200-Day SMA |
0.8957 |
|
100-Day SMA |
0.8848 |
Upcoming Events
|
GMT |
Importance |
Release |
Expected |
Prior |
|
1:30 |
HIGH |
RBA Foreign Exchange Transaction (Australian dollar) (JUL) |
-- |
1229M |
|
1:30 |
HIGH |
Average Weekly Wages (QoQ) (MAY) |
1.2% |
1.1% |
|
1:30 |
MED |
Average Weekly Wages (YoY) (MAY) |
5.6% |
5.8% |
Join us to discuss the outlook for the major currencies on the DailyFX Forums
To discuss this report contact David Song, Currency Analyst: dsong@fxcm.com
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