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Friday, September 27, 2024
Thursday, September 26, 2024
Multi-swing high resistance ahead?
Multi-swing high resistance ahead?
Euro vs US Dollar ICMARKETS:EURUSD
The Fiber (EUR/USD) is falling towards the pivot which has been identified as a multi-swing high resistance and could reverse to the 1st support level which acts as a pullback support.
Pivot: 1.1197
1st Support: 1093
1st Resistance: 1.1243
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source https://www.tradingview.com/chart/EURUSD/ALRswZFt-Multi-swing-high-resistance-ahead/
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Wednesday, September 25, 2024
Kiwibank Lowers Kiwi Forecast
Kiwibank Lowers Kiwi Forecast
New Zealand Dollar vs US Dollar BLACKBULL:NZDUSD
The New Zealand dollar (NZD/USD) has slipped below its 25-day exponential moving average (EMA) and could potentially test the 50-day EMA next. But, can sellers maintain the momentum and push further into bearish territory?
Kiwibank is betting on more downside due to faster and deeper rate cuts from the Reserve Bank of New Zealand (RBNZ). However, their initial bearish outlook has softened somewhat.
"In our previous FX Tactical, we anticipated the Kiwi heading towards the 0.5700 mark. But given its reluctance to trade down to that level, we've adjusted our expectations. While we still believe the Kiwi should be lower, it's clear the 0.5700 target is less likely. At this point, 0.5900 seems a more reasonable level," the bank stated.
Further complicating the outlook is China’s influence. Like the Australian dollar, the Kiwi can find support from economic developments in China. Talks of a potential stimulus package from Beijing had initially buoyed market sentiment, but UBS remains unimpressed. The investment bank noted that the scale of China's recent measures falls short of previous stimulus efforts, which historically triggered strong market rallies. Economists cited by The Wall Street Journal share this view, pointing out that borrowing costs are already low, yet demand for credit remains sluggish. Consumer confidence, dragged down by concerns over jobs and the ongoing property market meltdown, remains near historic lows.
source https://www.tradingview.com/chart/NZDUSD/1rV7c5xq-Kiwibank-Lowers-Kiwi-Forecast/
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