Weekly Technical Forecast: Whether The Dows Trend or Dollar Range, Conviction Looks Wanting
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NZDUSD may stall at near-term resistance as the fundamental tailwinds that spurred the rally fade. The pair now rests between key technical levels.
Internal buying pressure is back in the crude oil market when looking at futures spreads, geopolitical tensions leading to supply constraints, or a stronger US earnings seasons all showing demand may be better than feared.
The Dollar extended its tumble this past week helped along by the Fed’s dovish tone. Yet when it was time to establish conviction, bears couldn’t break 8-month channel support and the 200-day moving average. We are likely to see further attempts.
The Euro has been a difficult handle with volatility low, and it’s not likely to get much easier in the days ahead with levels on both sides, especially on the top-side.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.