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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Oil Carves Triple Top- AUD/NZD Sell Opportunity at 1.0900?

Oil Carves Triple Top- AUD/NZD Sell Opportunity at 1.0900?

David Song, Strategist

Talking Points:

- USDOLLAR Bullish RSI Momentum at Risk as 1Q GDP Contracts

- AUD/NZD Resistance in Focus Ahead of RBA Interest Rate Decision

- Oil Carves Triple Top- Downside Favored on Commodity Weakness

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) continues to mark fresh monthly highs ahead of the preliminary 1Q GDP print, which is expected to show a 0.5 percent contraction in the growth rate, and a marked downward revision may undermine the short-term rebound in the greenback as it drags on interest rate expectations.





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






At the same time, the Core Personal Consumption Expenditure (PCE), the Fed’s preferred gauge for inflation, is expected to hold steady at an annualized 1.3 percent for the second straight quarter, and the ongoing slack in the real economy may encourage Chair Janet Yellen to retain a dovish outlook for monetary policy as the central bank remains in no rush to normalize monetary policy.

With that said, the fundamental outlook for the USDOLLAR may turn increasingly bearish going into the next Federal Open Market Committee (FOMC) meeting on June 18, and the reserve currency may face additional headwinds during the summer months as the central bank remains reluctant to move away from its zero-interest rate policy (ZIRP).

Oil Carves Triple Top- AUD/NZD Sell Opportunity at 1.0900?

Join DailyFX on Demandto Cover Current U.S. dollar Trade Setups

Read More:

Price & Time: USD Advance Getting Long in the Tooth?

GBPUSD Scalps Selling Rallies into May Range Lows- Key Support 1.6750


Oil Carves Triple Top- AUD/NZD Sell Opportunity at 1.0900?

Chart - Created Using FXCM Marketscope 2.0

  • Remains at Risk for Lower High Should Bullish RSI Momentum Falter
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)





MBA Mortgage Applications (MAY 23)




Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

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

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

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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