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Breaking news

NZD gains as New Zealand Q1 GDP beats estimates, y/y growth at 2.4% versus 0.9% anticipated.

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  • The Swiss Franc has seen a bout of strength in recent months against several peer currencies. Here are technical levels to watch in USD/CHF, EUR/CHF, and CHF/JPY.Get your market update from @FxWestwater here:https://t.co/e2kHTtBHW3 https://t.co/ck8GTIJyrW
  • RT @FxWestwater: New Zealand Dollar Forecast: Upbeat GDP Revives $NZDUSD After #FOMC Drop Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/06/16/New-Zealand-Dollar-Forecast-Upbeat-GDP-Revives-NZDUSD-After-FOMC-Drop.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/MyHdd…
  • My post-FOMC trading video is live on the DailyFX Youtube page. The article to support it will be up shortly after. Does the Dollar's break have run? https://t.co/mCV2jn2gU9
  • $NZDUSD trying to reverse some losses from the #Fed after New Zealand Q1 GDP data overshot expectations Y/Y growth at 2.4% versus 0.9% anticipated Best print since Q3 2019 #NewZealand #NZD #RBNZ https://t.co/Wk52QFYG48 https://t.co/OAyGqHhDXt
  • 🇳🇿 GDP Growth Rate QoQ (Q1) Actual: 1.6% Expected: 0.5% Previous: -1% https://www.dailyfx.com/economic-calendar#2021-06-16
  • 🇳🇿 GDP Growth Rate YoY (Q1) Actual: 2.4% Expected: 0.9% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-06-16
  • S&P 500, Dow Jones Analysis: Rising Long Exposure Seems Ominous With Fed Nearing. Get your market update from @ddubrovskyFX here:https://t.co/RHU2EWdGLo https://t.co/otxxsTo502
  • Bank of Canada's Macklem: - Choppiness in Q2 growth - House prices seen balancing - 2% inflation target timing unusually uncertain - BBG $USDCAD
  • The US 10-Year #Treasury yield soared on the #Fed The #bond appears to now be trading within a Descending Broadening Wedge That can at times be bullish A breakout above falling resistance could open the door to resuming the uptrend since last year https://t.co/scLY5rbZhS
  • Heads Up:🇳🇿 GDP Growth Rate QoQ (Q1) due at 22:45 GMT (15min) Expected: 0.5% Previous: -1% https://www.dailyfx.com/economic-calendar#2021-06-16
Closed USDJPY short, Long EURAUD, NZDUSD

Closed USDJPY short, Long EURAUD, NZDUSD

David Rodriguez, Head of Product

I closed my USDJPY short position at a very modest profit as it broke above my line in the sand of ¥83. I think the Japanese Yen stands to weaken across the board, likely driven by forex correlations and a drop in US Treasury Yields.

I still like being short US Dollar, and as my weekly strategy outlook piece points out, I think it's headed lower through this week. I've taken a long position on the NZDUSD via the DailyFX PLUS Trading Signals 'Tidal Shift' signal. As per said writeup, I like it as long as it remains above yesterday afternoon's low of $0.8200 and the week-to-date low of $0.8140 is my "line in the sand".

I've likewise gone EURAUD long once again as it breaks daily highs at A$1.2711, targets subsequent YTD peaks of A$1.2755 and eventually a move much higher. My trade will remain in force as long as price remains above the London session low of A$1.2660.

This leaves me long EUR and NZD, short AUD and USD. In essence the NZD and AUD exposure somewhat cancels each other out, which implicitly means I'm long EURUSD. I like these trades as long as EURUSD respects $1.3280.

--- Written by David Rodríguez, Quantitative Strategist for DailyFX.com

To receive this author's reports via e-mail, contact drodriguez@dailyfx.com with subject line "Distribution List".

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