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USDOLLAR Pressured after Key Reversal; NZD/USD Trend Watch

USDOLLAR Pressured after Key Reversal; NZD/USD Trend Watch

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- USDOLLAR Index loses uptrend from 6/18 low, tests 12000.

- NZDUSD traded back to daily 13-EMA, recent resistance from 7/10-14.

- See the DailyFX economic calendar for Wednesday, July 22, 2015.

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.

Read more: EUR/JPY Diverges from Global Equities amid Greek Bailout Machinations

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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