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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
More View more
Real Time News
  • Had the pleasure of jumping on The Trade today on @ausbiztv to go over what long-term price action can tell us about the future trajectory of #copper, $AUDUSD and the $DXY Big thanks to @KaraOrdway for having me on! https://t.co/awjKgmOTwS
  • Heads Up:🇮🇳 Markit Manufacturing PMI (FEB) due at 05:00 GMT (15min) Expected: 57.5 Previous: 57.7 https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇮🇩 Inflation Rate YoY (FEB) Actual: 1.38% Expected: 1.38% Previous: 1.55% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇮🇩 Inflation Rate YoY (FEB) due at 04:00 GMT (15min) Expected: 1.38% Previous: 1.55% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.75% Gold: 0.92% Silver: 0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SDuwP1gB7E
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.72% 🇳🇿NZD: 0.65% 🇬🇧GBP: 0.49% 🇪🇺EUR: 0.12% 🇨🇭CHF: 0.05% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/maFKPUDES5
  • Dramatic-looking Bearish Engulfing candle pattern with negative RSI divergence on the weekly #AUDUSD chart. A turn may be brewing. https://t.co/25jfu7eHaB
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/2Xfmpbd24B
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.78%, while traders in GBP/JPY are at opposite extremes with 66.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pXjqRmdicy
  • Australian Dollar Unfazed by Chinese PMI as RBA Meeting Shifts Into View - https://www.dailyfx.com/forex/market_alert/2021/03/01/Australian-Dollar-Unfazed-by-Chinese-PMI-as-RBA-Meeting-Shifts-Into-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/mR4b8YAVIe
NZD/USD Flirts With Former-Support; Outlook Mired by Bearish Channel

NZD/USD Flirts With Former-Support; Outlook Mired by Bearish Channel

David Song, Strategist

Talking Points:

- NZD/USD Flirts With Former-Support; Outlook Mired by Downward Trending Channel.

- EUR/USD Sits Tight Ahead of FOMC; Interest Rate Dot-Plot to Take Center Stage.

DailyFX

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

NZD/USD

0.7211

0.7232

0.7181

18

51

NZD/USD Daily

NZD/USD Daily Chart

Chart - Created Using Trading View

  • NZD/USD continues to flirt with the former-support zone around 0.7200 (38.2% retracement) to 0.7240 (61.8% retracement) as the exchange rate climbs to a fresh monthly high of 0.7232, with the pair at risk of working its way towards channel resistance as it holds above 0.7040 (50% retracement) throughout the first-half of December; the broader outlook remains mired by the bearish trend carried over from September, with a break/close below 0.6950 (38.2% retracement) negating the scope for a longer-term bull-flag formation.
  • With the New Zealand Institute of Economic Research (NZIER) raises its growth and inflation forecast for 2017, positive developments coming out of the real economy may encourage the Reserve Bank of New Zealand (RBNZ) to gradually move away from its easing-cycle over the coming months, and Governor Graeme Wheeler may adopt a more hawkish tone in the year ahead as ‘annual inflation is expected to rise from the December quarter, reflecting the policy stimulus to date, the strength of the domestic economy, and reduced drag from tradables inflation.
  • A break/close above the former-support zone around 0.7200 (38.2% retracement) to 0.7240 (61.8% retracement) may spur a test of channel resistance, along with the Fibonacci overlap around 0.7330 (38.2% retracement) to 0.7360 (61.8% expansion).

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

EUR/USD

1.0636

1.0654

1.0604

1

50

EUR/USD Daily

EUR/USD Daily Chart

Chart - Created Using Trading View

  • EUR/USD holds a narrow range ahead of the Federal Open Market Committee’s (FOMC) last interest rate decision for 2016, with the broader outlook tilted to the downside as a bear flag formation appears to be unfolding below the Fibonacci overlap around 1.0780 (100% expansion) to 1.0800 (23.6% retracement).
  • Even though Chair Janet Yellen and Co. are widely anticipated to raise the benchmark interest rate by 25bp, the fresh projections for growth, inflation and the interest rate may have a greater role in influencing the near-term outlook for the U.S. dollar amid the upcoming rotation within the committee, with Chicago Fed President Charles Evans, Philadelphia Fed President Patrick Harker, Dallas Fed President Robert Kaplan and Minneapolis Fed President Neel Kashkari slate to vote on the FOMC in 2017.
  • Lack of momentum to push back above 1.0660 (50% expansion) may spur a more meaningful test of the 1.0500 (50% expansion) handle, with the next downside region of interest coming in around 1.0410 (61.8% expansion).

For More Updates, Join DailyFX Currency Analyst David Song for LIVE Analysis!

DailyFX Calendar

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Read More:

Gold Trades to New Lows, Silver Stays Stubbornly Strong

USD/CAD Technical Analysis: CAD Building Momentum Into LT Support

Technical Focus: EUR/USD - How Does this End?

GBP/USD Weakness to Be Viewed as Opportunity

--- 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.

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

DISCLOSURES