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
GBP/USD
Bearish
USD/JPY
Bearish
Gold
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
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • 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/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Yen Advances as Risk Falters- NZD Leads Commodity Bloc Lower

Yen Advances as Risk Falters- NZD Leads Commodity Bloc Lower

2012-03-05 19:35:00
Michael Boutros, Technical Strategist
Share:

Daily Winners and Losers

Yen_Advances_as_Risk_Falters-_NZD_Leads_Commodity_Bloc_Lower_body_Picture_5.png, Yen Advances as Risk Falters- NZD Leads Commodity Bloc LowerYen_Advances_as_Risk_Falters-_NZD_Leads_Commodity_Bloc_Lower_body_Picture_4.png, Yen Advances as Risk Falters- NZD Leads Commodity Bloc LowerYen_Advances_as_Risk_Falters-_NZD_Leads_Commodity_Bloc_Lower_body_Picture_3.png, Yen Advances as Risk Falters- NZD Leads Commodity Bloc Lower

The Japanese yen is the top performing currency against a mixed dollar with an advance of 0.56% on the session. Markets have started the week on the defensive with global equity markets in the red after China reduced its 2012 growth forecast to 7.5% from 8.0%, marking lowest forecast for Chinese growth since 2004. Concerns regarding a hard landing in the world’s second largest economy weighed on broader market sentiment with risk assets under pressure in early trade.

The USDJPY continues to trade above trendline support dating back to February 13th with the pair unable to hold above the 2012 highs put in on Friday at 81.86. Interim support now rests at 81.20 backed by trendline support, 80.75 and the 23.6% Fibonacci retracement taken from the February advance at 80.33. Topside resistance holds at 81.66 backed by the 82-figure, and 82.50. Our medium-to-long-term outlook on the pair remains weighted to the topside with a broader look at a daily chart suggesting that pair may have already put in a significant multi-year low below the 76-handle. For a complete outlook on the current yen setup refer to last week’s Scalping the Waves report.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

77.99

100-Day SMA

77.66

50-Day SMA

77.92

2011 JPY High

75.50

Yen_Advances_as_Risk_Falters-_NZD_Leads_Commodity_Bloc_Lower_body_Picture_2.png, Yen Advances as Risk Falters- NZD Leads Commodity Bloc LowerYen_Advances_as_Risk_Falters-_NZD_Leads_Commodity_Bloc_Lower_body_Picture_1.png, Yen Advances as Risk Falters- NZD Leads Commodity Bloc Lower

The New Zealand dollar is the weakest performer in afternoon trade in New York with a decline of nearly 1% on the session. The kiwi has come under substantial pressure as classic haven flows saw the high yeilders come under pressure across the board as investors flocked into the safety of the greenback. The NZDUSD has been under pressure ever since breaking below channel support dating back to February 22nd with the pair encountering support at the 161.8% Fibonacci extension taken from the February 19th and 29th crests at 8204. Look for the pair to remain in consolidation heading into the close of trade with the a break below this level eyeing subsequent support targets at the 178.6% extension at 8175, 8150, and 8115. Topside resistance stands at the 138.2% extension at 8243 backed by the 123.6% extension at 8266, 8285, and the 100% extension at 8305. A break above this level negates our short-term bias with such a scenario eyeing subsequent topside targets.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

0.8093

100-Day SMA

0.7960

50-Day SMA

0.8140

2011 NZD HIGH

0.8842

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

Join Michael Tomorrow morning for a Live Scalping Webinar at 1330GMT (8:30ET)

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

To be added to Michael’s distribution list, send an email with the subject line “Distribution List”

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

DISCLOSURES

News & Analysis at your fingertips.