USDOLLAR Pressured after Key Reversal; NZD/USD Trend Watch
- USDOLLAR Index loses uptrend from 6/18 low, tests 12000.
- NZDUSD traded back to daily 13-EMA, recent resistance from 7/10-14.
The recent USDOLLAR Index uptrend may be in question after yesterday's bearish key reversal. Event risk may help provide the catalyst to spark either a rebound to retake the uptrend or find continuation lower; although with only two "medium" or higher ranked events on the DailyFX economic calendar during the US session today, it's more likely that FX markets will take cues from cross-asset relationships, i.e. the Euro acting as a funding currency and following European yields, or the Yen acting as a safe haven and moving inversely with global equity markets.
See the above video for technical considerations in EURUSD, AUDUSD, NZDUSD, USDJPY, and the USDOLLAR Index.
--- Written by Christopher Vecchio, Currency Strategist
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.