News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Russia reportedly has been given an exemption from OPEC+ supply deal - Delegates
  • The Canadian Dollar is surging alongside the rise in oil prices following OPEC+'s decision to hold output steady. $CADJPY has risen above 85.00 to trade at its highest levels since late 2018. $CAD $JPY https://t.co/YzikqjWyvT
  • $WTI Crude Oil is extending its gains, rising above 64.00 to trade at its highest levels in over a year. $OIL $USO https://t.co/7aFsMmJd7x
  • OPEC+ decides not to hike output by 500kbpd in April - Delegate Oil prices at highs of the day https://t.co/UBAtzuEs0b
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇨🇦CAD: 0.29% 🇦🇺AUD: 0.21% 🇪🇺EUR: -0.26% 🇯🇵JPY: -0.53% 🇨🇭CHF: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dULwFuQVcF
  • OPEC+ is close to keeping output unchanged in April - Delegates #OOTT
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.09% US 500: 0.04% France 40: 0.04% FTSE 100: -0.13% Germany 30: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/raVqHjfXWM
  • RT @Amena__Bakr: Saudi Arabia is proposing a rollover for April and May- delegates #OOTT #opec
  • BUZZ starts trading today. An ETF that invests in larger market cap companies with the strongest positive sentiment in social media. That's where we are now
  • Tech stocks suffer further declines as bond yields pick up momentum again. FTSE 100 continues to revert to its mean, bias tilts upward. Get your #FTSE market update from @HathornSabin here:https://t.co/IsU8RCkXFn https://t.co/BXAJEXrFTn
NZD Slips Could Be Worth Buying Against Macro Risk Backdrop

NZD Slips Could Be Worth Buying Against Macro Risk Backdrop

David Cottle, Analyst

Currency Pair: Bullish NZD/USD

Expertise: Fundamental and Technical

Average Time Frame: One Month

New DailyFX Quarterly Forecasts for Q3 and are available here

After a strong run higher into last week the New Zealand Dollar has wilted somewhat on its daily chart but there is scope for hope that the year’s long downtrend will not be resumed.

Most of the recent price action would appear to have a lot to do with the ‘USD’ side of NZD/USD and rather less to do with the local currency. Suspicions that US interest rates may yet go lower knocked the US Dollar and raised risk appetite to the Kiwi’s benefit.

However, in the last couple of days softer trade rhetoric from Washington toward Beijing has seen the US Dollar creep higher. Of course, trade headlines are a real unpredictable lottery for currency investors and others but, if the world is really headed towards more monetary accommodation the New Zealand Dollar should find itself well underpinned.

Such backdrops always result in a ‘hunt for yield’ and the currency still offers it. Its key Official Cash Rate may be at a record low of 1.50%- and expected to go lower- but that will still probably leave the New Zealand Dollar offering better yields than most developed market peers and a triple-A credit rating to boot.

Technically speaking NZD/USD is headed back towards the downtrend line which capped trade from late March until the start of June. It may even get there and slide back into a support zone defined on the top by the 6357 region, which capped trade between mid-May and early June, and at base by this year’s low.

NZD Slips Could Be Worth Buying Against Macro Risk Backdrop

However, for as long as markets suspect that the Fed will be more accommodative in the weeks and months ahead, the New Zealand Dollar is likely to retain a stronger underpinning than it has had for much of this year. The recent peak of 0.6680 should be reachable again at the very least, with consolidation around that region and a push higher very possible if stronger risk appetite remains clear.

The Australian Dollar will also benefit in much the same way, probably, but, with more near-term rate hikes priced into its forward curve than New Zealand’s, the Kiwi might get more support.

Resources for Traders

Join a free Q&A Webinar and have your trading questions answered

Find out how AUD is viewed by the trading community in real time at the DailyFX Sentiment Page

Strategy not working? Here’s the number one mistake traders make

Just getting started? Check out the DailyFX Beginners’ Guide.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES