Latest Forex Research
Daily FX Wrap and Strategy
The NZD/USD sits at a very similar level to yesterdaymorning, just below 0.8550 currently.In a quiet day, the NZD/USD made a bid for the 0.8580level early yesterday afternoon.
ECB Draghi: Have Necessary Tools To Deliver Mandate
European Central Bank President Mario Draghi said Tuesday that the ECB has sufficient tools to deliver its price stability mandate of just below two percent.
USDJPY – channel, flag & pivot resistance all align at key 102 level
The trendless market continues as depicted by the still tightening RSI range. Last week’s bullish hammer reversal and follow through as RSI bounced off the 40 zone was a minor bear trap and dampened our bearish outlook.
EURUSD – choppy decline tempers bearishness; n/t range 1.3615/3670
The break of multiple up trends and the RSI 40 level supports our cal that a significant bearish rising wedge completed near 1.40 and a new downtrend is underway.
U.S. durable goods orders rise on defense, but business spending plans weak
Orders for long-lasting U.S. manufactured goods unexpectedly rose in April, but a drop in a measure of business capital spending plans could temper expectations for a sharp rebound in economic growth this quarter.
Daily FX Update
Markets are quiet leading into a slew of U.S. data and favouring risk taking. Equities are strong the US 10 year is at 2.53% and the USD is mixed, but changes since yesterday’s close are minor.
EUR Mid-day Analysis
The Euro probably became short term oversold this morning into its lows and we suspect that the Eurowill derive a small and temporary bounce from the US durable goods report.
CHF Mid-day Analysis
Like the Euro, the Swiss remains entrenched in a downtrend pattern on its charts. With Swiss and EUofficials generally pleased with the recent pattern of declines in European currency exchange rates,
JPY Mid-day Analysis
With favorable talk from the BOJ overnight, the Yen looks to be facing some safe haven liquidationpressure.
USD Mid-day Analysis
Some traders might look to the quasi-double top on the Dollar chart this morning and predict somedownside action ahead.
CAD Mid-day Analysis
An impressive range up extension overnight has put the Canadian up to the highest levelsince the early May peaks.
GBP Mid-day Analysis
While the BOE floated some hawkish dialogue overnight, a fresh higher high for the move was rejectedand the pendulum has shifted in favor of the bear camp.