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
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
Mixed
USD/JPY
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
More View more
Real Time News
  • What are the truths and lies of #forex trading regardless of your #tradingstyle here: https://t.co/uF75VPzstr https://t.co/cuH9YESlr2
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it. Get your SGD market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/HdiCLtSFre
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/4bgTwNqVvG
  • (Weekly Outlook) The Japanese #Yen faced a mixed week against currencies such as the US Dollar, Euro, British Pound and Canadian Dollar. What is ahead for $USDJPY, $EURJPY, $GBPJPY and $CAD/JPY? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/04/Japanese-Yen-Weekly-Forecast-USDJPY-EURJPY-GBPJPY-CADJPY.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Flgbd5b2ag
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/Qbhs4ndgPa
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
Weak Australian Sales Weigh on Aussie- Kiwi Correction on Tap

Weak Australian Sales Weigh on Aussie- Kiwi Correction on Tap

2012-01-09 15:14:00
Michael Boutros, Strategist
Share:

Daily Winners and Losers

Weak_Australian_Sales_Weigh_on_Aussie-_Kiwi_Correction_on_Tap_body_Picture_2.png, Weak Australian Sales Weigh on Aussie- Kiwi Correction on TapWeak_Australian_Sales_Weigh_on_Aussie-_Kiwi_Correction_on_Tap_body_Picture_3.png, Weak Australian Sales Weigh on Aussie- Kiwi Correction on TapWeak_Australian_Sales_Weigh_on_Aussie-_Kiwi_Correction_on_Tap_body_Picture_4.png, Weak Australian Sales Weigh on Aussie- Kiwi Correction on Tap

The New Zealand dollar is the top performer against a weaker greenback in early US trade with an advance of 0.69% on the session. Better-than-expected data overnight provided fuel for the kiwi’s rally today with November exports, imports, and the year-to-date trade balance all toping consensus estimates. The data coupled with a cautious rally in risk overnight with the NZD/USD pair breaching above the 0.7835 resistance level before encountering soft resistance at 0.7860. A breach here eyes subsequent topside targets at 0.7880 and the January 3rd high just below the 0.79-figure. Support now rests at 0.7835 backed by the 23.6% Fibonacci extension taken from the December 8th and January 3rd crests at 0.7807, 0.7784, and the 38.2% extension at 0.7745. Our medium term bias remains weighted to the downside despite this morning’s rally with a break back below the 0.7835 support level eyeing subsequent support targets.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

0.8027

100-Day SMA

0.7902

50-Day SMA

0.7737

2011 NZD High

0.8841

Weak_Australian_Sales_Weigh_on_Aussie-_Kiwi_Correction_on_Tap_body_Picture_5.png, Weak Australian Sales Weigh on Aussie- Kiwi Correction on TapWeak_Australian_Sales_Weigh_on_Aussie-_Kiwi_Correction_on_Tap_body_Picture_6.png, Weak Australian Sales Weigh on Aussie- Kiwi Correction on Tap

The Australian dollar is the weakest performer at the open despite a softer greenback, with the aussie advancing just 0.06% in early trade. A flat read on November retail sales weighed heavily on the high yielder in overnight trade with the pair falling as low as 1.0144 before mounting a counteroffensive in European trade. Consensus estimates were calling for a print of 0.4% m/m, up from a previous read of 0.2% m/m. The data saw interest rate expectations from the Reserve Bank of Australia shift dramatically with Credit Suisse overnight swaps now factoring a 111% chance of a 25basis point cut at the next RBA meeting while twelve month expectations are factoring another 108 basis points in cuts.

The AUD/USD continues to trade within the confines of a descending channel formation dating back to January 3rd. Strong resistance is seen at the convergence of our 1.0240 target level and channel resistance with targets eyed at 1.0285, the 38.2% Fibonacci extension taken from the December 8th and January 3rd crests at 1.0187, and 1.0165. A breach of the channel resistance eyes subsequent ceilings at the 23.6% extension at 1.0263, the 1.03-figure, and 1.0335. Our medium-term bias on the aussie remains weighted to the downside with a break out of the channel formation negating our short-term bias in the interim. For a detailed look at our current AUD/USD short-term setup refer to Thursday’s scalp report.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

1.0413

100-Day SMA

1.0186

50-Day SMA

1.0130

2011 AUD High

1.1079

---Written by Michael Boutros, Currency Analyst with DailyFX.com

To contact Michael email mboutros@dailyfx.com or follow him on Twitter @MBForex.

To be added to Michael’s email distribution list, send an email with subject line “Distribution List” to mboutros@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.