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.

Free Trading Guides
EUR/USD
Mixed
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
GBP/USD
Bearish
USD/JPY
Bullish
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
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • UK Election Poll (Ipsos Mori) - Conservatives: 44% (unch) - Labour party: 32% (+4ppts)
  • GBP/JPY Faces Key Resistance - British Pound vs Japanese Yen Price Forecast More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/gbp-jpy/2019/12/06/GBPJPY-Faces-Key-Resistance-British-Pound-vs-Japanese-Yen-Price-Forecast-MK.html?CHID=9&QPID=917714 https://t.co/9wT3927vEu
  • LIVE NOW: Join Currency Strategist @PaulRobinsonFX as he runs through his favorite charts and potential set-ups for the week ahead in the FX and CFDs market. Register here: https://www.dailyfx.com/webinars/108721147?CHID=9&QPID=917720
  • Have central banks run out of ammo? And where are central banks headed? Find out from Cross-asset class trader, @JohnNetto only on Trading Global Markets Decoded #podcast with @MartinSEssex here: https://t.co/Twr44cZ1GB https://t.co/iFowV6YBBj
  • LIVE IN 30 MIN: Join Currency Strategist @PaulRobinsonFX as he runs through his favorite charts and potential set-ups for the week ahead in the FX and CFDs market. Register here: https://www.dailyfx.com/webinars/108721147?CHID=9&QPID=917720
  • AUD/USD Technical Analysis: Choppy Aussie Dollar Still Aims Lower - https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2019/12/06/AUDUSD-Technical-Analysis-Choppy-Aussie-Dollar-Still-Aims-Lower.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #AUDUSD #technicalanalysis https://t.co/uE75UEjmIj
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/10:30 AM GMT as he goes over London #FX & #CFD charts for the next week. Register here: https://t.co/CoMkMA0pdF https://t.co/w52tn0x11T
  • The $JPY has, at last, made some clear headway against the US Dollar, but its bulls have yet to nail down their channel break. Get your market update from @DavidCottleFX here:https://t.co/ADgQ3idxYJ https://t.co/nZzXEfImw6
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/M7hQiSBOQy
  • CHF Switzerland Nov Foreign Currency Reserves Actual: 782.9b Previous: 779.1b
Manafort Verdict Sours Markets. NZD/USD Resistance Held, May Fall

Manafort Verdict Sours Markets. NZD/USD Resistance Held, May Fall

2018-08-21 23:00:00
Daniel Dubrovsky, Analyst
Share:

Asia & Pacific Market Open – Paul Manafort, S&P 500 Futures, USD, JPY, EUR, NZD

  • S&P 500 failed to hold record high as market mood deteriorated on Manafort's verdict
  • Retail sales lifted the New Zealand Dollar, but it may fall next if APAC shares decline
  • NZD/USD failed to push above near-term resistance, hinting downtrend may resume

Build confidence in your own trading strategy with the help of our free guide!

S&P 500 futures are pointing lower ahead of Wednesday’s Asia/Pacific trading session after reports crossed the wires that former Trump campaign chairman Paul Manafort was found guilty on at least one count. Initial headlines hours earlier that Michael Cohen was also set to plead guilty helped trigger a partial bout of risk aversion in the markets. US government bond prices rose as yields fell across the maturities spectrum.

While Wall Street finished the day mostly higher, the S&P 500 (+0.21%) relinquished gains after gapping and climbing to a new record high. This followed a general improvement in market mood that began in the earlier APAC session. Despite the late day drop in stocks, the anti-risk Japanese Yen was still overwhelmingly the worst performing major on Tuesday.

Demand for the similarly-behaving US Dollar, which at times appreciates in times of marketwide risk aversion, waned as DXY suffered a fourth consecutive day of losses. This was its longest losing streak since early July, over six weeks ago. However, the dominant uptrend since February remains intact. Weakness in USD offered an opportunity for its liquid rival, the Euro, to appreciate across the board.

The New Zealand Dollar appreciated aggressively across the board in early Wednesday trade after better-than-expected local data crossed the wires. New Zealand retail sales (ex inflation) rose 1.1% q/q in the second quarter. However, gains may not transpire in the long run as rosy economic statistics seem unlikely to inspire an RBNZ rate hike in the near-term given that they don’t intend to act until 2020.

With that in mind, the deterioration in sentiment towards the end of Tuesday’s session may echo into Wednesday Asia/Pacific trade. In the event that the Nikkei 225 turns lower along with other benchmark indexes, NZD could find itself paring gains. In fact, the other sentiment-linked Australian Dollar is already lower while the Yen is heading cautiously higher.

NZD/USD Technical Analysis – Resistance Holds For Now

NZD/USD has clocked in its 4th consecutive winning streak on the daily chart, the longest since early July. However, prices were unable to push above a near-term descending resistance line dating back to June. Given that market mood may deteriorate ahead and the potential lack of a hawkish backing from the RBNZ amidst the retail sales data, we may see NZD/USD resume its dominant downtrend since April. Near-term support seems to be between 0.65633 and 0.65454 (the current 2018 lows).

NZD/USD Daily Chart

Chart created in TradingView

US Trading Session

Manafort Verdict Sours Markets. NZD/USD Resistance Held, May Fall

Asia Pacific Trading Session

Manafort Verdict Sours Markets. NZD/USD Resistance Held, May Fall

** All times listed in GMT. See the full economic calendar here

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES

News & Analysis at your fingertips.