Forex News Timeline

Saturday, May 25, 2024

During Friday's session, NZD/USD rose towards the 0.6125 level.

The daily indicators remain in positive territory but somewhat flattened .The hourly charts reveal a temporary dip in the RSI and a MACD flattening, signaling a possible short-term consolidation.Pending bullish crossover between the 200 and 100-day SMA at 0.6040 could bolster the bullish momentum in future sessions.During Friday's session, NZD/USD rose towards the 0.6125 level. The positive trajectory of the pair continues to convey a strong buyer influence in the market. However, echoes of consolidation may suggest a breather following the recent surge which pushed the pair above the 100 and 200-day Simple Moving Averages (SMA). Examining the daily chart of the NZD/ pair, it is apparent that the Relative Strength Index (RSI) reveals a robust positive trend. After a close approach to overbought conditions at 69, the RSI receded to a still positive level of 63. In line with that, the Moving Average Convergence Divergence (MACD) prints flat green bars which may suggest a flattening momentum. NZD/USD daily chart Transitioning to the hourly chart, there is a discernible decreasing trend in the RSI readings, with figures retreating from 64 to 57 throughout Friday’s session. The MACD histogram aligns with this pattern, with flat green bars that signal reduced upward momentum. NZD/USD hourly chart From a broader perspective, the position of NZD/USD suggests a strong bullish trend. Trading above the Simple Moving Averages (SMA) of 20, 100, and 200-day, the pair displays upward momentum both on short-term and long-term scales. Incorporating both the daily and hourly RSI trends, along with MACD and SMA positioning, the conclusion is drawn that the NZD/USD may need some respite after its recent surge. Despite this, the market structure maintains its bullish tone.   NZD/USD Overview Today last price 0.6118 Today Daily Change 0.0019 Today Daily Change % 0.31 Today daily open 0.6099   Trends Daily SMA20 0.603 Daily SMA50 0.6003 Daily SMA100 0.6071 Daily SMA200 0.6042   Levels Previous Daily High 0.6138 Previous Daily Low 0.6091 Previous Weekly High 0.6146 Previous Weekly Low 0.5995 Previous Monthly High 0.6079 Previous Monthly Low 0.5851 Daily Fibonacci 38.2% 0.612 Daily Fibonacci 61.8% 0.6109 Daily Pivot Point S1 0.6081 Daily Pivot Point S2 0.6062 Daily Pivot Point S3 0.6033 Daily Pivot Point R1 0.6128 Daily Pivot Point R2 0.6157 Daily Pivot Point R3 0.6175    

USD/JPY churned on Friday, wrapping up close to where it started the day, just below the 157.00 handle, as investors looked to recover balance after a tense week.

US Dollar broadly eased on Friday, but held close to flat against Yen.Japanese National CPI inflation ticked lower in April.Risk appetite recovered after US consumer inflation outlook improved.USD/JPY churned on Friday, wrapping up close to where it started the day, just below the 157.00 handle, as investors looked to recover balance after a tense week. Broad hopes for a September rate cut from the Federal Reserve (Fed) were knocked back this week after rate markets repriced odds of at least a quarter-point cut in September to less than even. Rate markets were pricing in upwards of 70% odds of a 25-basis-point trim in September at the start of the week.Forecasting the Coming Week: Fedspeak and PCE remain in the spotlightJapan’s National Consumer Price Index (CPI) inflation eased to 2.5% YoY in April, but the Bank of Japan (BoJ) remains bitterly determined to hold interest rates at rock-bottom, near-negative levels until they see an expected downturn in inflation hold above 2%. The BoJ currently expects CPI inflation to slump below 2.0% through 2025 and some of 2026. With the BoJ squarely focused on fears of disinflation, depressed Japanese interest rates continue to erode the Yen. The BoJ and Japan’s Ministry of Finance is widely believed to have directly intervened in global markets in early May, and the BoJ’s financial operations reporting reveal a nine trillion Yen gap between reported operations spending and broker forecasts, adding weight to “Yentervention” speculation.  Despite operations in global markets, the Yen continues to shed weight, and Yen-based pairs are grinding back towards record highs. USD/JPY technical outlook USD/JPY cycled the 157.00 handle on Friday, churning chart paper close to near-term highs. USD/JPY has closed in the green for all but three of the last 15 consecutive trading days, recovering from a post-”Yentervention” low near 152.00. The pair is still trading down from multi-year highs set in late April above 160.00, but USD/JPY continues to drift deeper into bull country above the 200-day Exponential Moving Average (EMA) at 149.13. USD/JPY hourly chart USD/JPY daily chart USD/JPY Overview Today last price 156.97 Today Daily Change 0.04 Today Daily Change % 0.03 Today daily open 156.93   Trends Daily SMA20 155.7 Daily SMA50 153.78 Daily SMA100 151.06 Daily SMA200 149.24   Levels Previous Daily High 157.2 Previous Daily Low 156.53 Previous Weekly High 156.79 Previous Weekly Low 153.6 Previous Monthly High 160.32 Previous Monthly Low 150.81 Daily Fibonacci 38.2% 156.94 Daily Fibonacci 61.8% 156.78 Daily Pivot Point S1 156.57 Daily Pivot Point S2 156.22 Daily Pivot Point S3 155.9 Daily Pivot Point R1 157.24 Daily Pivot Point R2 157.55 Daily Pivot Point R3 157.9    
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