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EURO/USD advances again capped below 1.2950

The EUR/USD finished the day sharply higher, climbing 78 pips to finish the day at 1.2929.

The European PMI Data coming in better than expected at 47.8 actual vs. 47.0 expected which helped give the pair an initial bid. According to Fan Yang, CMT, at FXTimes, “in terms of macroeconomic commentary, the Spanish Treasury successfully sold just over EUR 4.00bln worth of bonds, while the latest round of Manufacturing and Services PMIs out of Europe underpinned the view that more stimulative measures will be required from the ECB to prop-up the stagnating joint currency bloc. In terms of technical levels, support levels are seen at 1.2821/09 and then at 1.2796. On the other hand, resistance levels are seen at 1.3030/51 and then at 1.3100.”

The FXStreet.com Trend Index remains slightly bullish on the 1 hour chart, while the OB/OS index reads overbought. Short term moving averages on the daily chart are now in neutral set up, while the RSI (14) remains in bearish set up. Overall, the market is still showing a lack of trend so continue to expect choppy trade going forward.

NZD/USD above 0.81 again ahead of NZ Trade balance

NZD/USD is last trading near session lows at 0.8134 off daily highs at 0.8172, printed by early NY trade. The pair is up +0.83% from previous Asia-Pacific open yesterday, and about the same for the week.
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NZD/USD direction is being mostly dictated by the USD - BNZ

After trading as low as 0.8005 during Asia trade, the Kiwi was able to find support and reverse higher to finish up 69 pips at 0.8126.
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