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Euro Fails to Preserve Bullish Momentum- EURNZD Eyes Fresh Lows

Euro Fails to Preserve Bullish Momentum- EURNZD Eyes Fresh Lows

2014-05-13 16:25:00
David Song, Strategist
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Talking Points:

- USDOLLAR Threatening Bearish RSI Momentum

- GBP/USD Holds Monthly Low (1.6820) Ahead of BoE Inflation Report

- EUR/NZD to Target Lower Low as Pair Searches for Support

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) failed to push back above the 10,470 pivot amid the larger-than-expected slowdown in U.S. Retail Sales, and the bearish sentiment surrounding the greenback may continue to take shape over the rest of the month as the Federal Reserve remains in no rush to move away from its highly accommodative policy stance.

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10461.98

10469.34

10444.21

0.16

86.83%

Despite the risk of seeing a bullish break in the Relative Strength Index, the dollar may retain the downward trending channel from earlier this year as long as it holds below the monthly high (10,495), and the reserve currency may continue to carve lower highs & lower lows in the days ahead as Fed Chair Janet Yellen retains a rather dovish tone for monetary policy.

With that said, we will continue to look for opportunities to ‘sell bounces’ in the greenback, and the USDOLLAR remains at risk of threatening the October low (10,354) as the fundamental developments coming out of the world’s largest economy does little to boost interest rate expectations.

Euro Fails to Preserve Bullish Momentum- EURNZD Eyes Fresh Lows

Join DailyFX on Demand to Cover Current U.S. dollar Trade Setups

Read More:

Price & Time: Reversal or Consolidation in Gold?

EUR/JPY, EUR/USD Bearish Key Reversals Begin Continuation Lower

USDOLLAR Daily

Euro Fails to Preserve Bullish Momentum- EURNZD Eyes Fresh Lows

Chart - Created Using FXCM Marketscope 2.0

  • Threatens Trendline Resistance; RSI Breaking Out of Bearish Momentum
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)

Release

GMT

Expected

Actual

Advance Retail Sales (MoM) (APR)

12:30

0.4%

0.1%

Advance Retail Sales ex Auto (MoM) (APR)

12:30

0.6%

0.0%

Advance Retail Sales ex Auto and Gas (APR)

12:30

0.5%

-0.1%

Import Price Index (MoM) (APR)

12:30

0.3%

-0.4%

Import Price Index (YoY) (APR)

12:30

0.3%

-0.3%

Business Inventories (MAR)

14:00

0.4%

0.4%

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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