USD/JPY is expected to consolidate with a bearish outlook. Overnight, the US stocks managed to close with small losses despite the recent slump in oil prices. The Dow Jones Industrial Average edged down 0.1% at 16449, the S&P 500 lost less than 1 p…
FXStreet (Mumbai) – The offered tone around NZD gathered pace, sending the AUD/NZD to a session high of 1.0905 levels after the GlobalDairyTrade (GDT) auction ended with a sharp fall in dairy prices. Gains capped at 200-DMAThe spot failed to take out i…
USD/CHF is expected to continue its rebound. The pair is still heading upwards after the bullish penetration of its previous resistance at 1.0175, which now plays a role of support. The 20-period moving average is also turning up, and should continue t…
NZD/USD is under pressure now. The pair has been capped by a negative trend line and stays below its key resistance at 0.6525. The 20-period moving average has just crossed below the 50-period one, while the relative strength index stays below 50. The …
FXStreet (Edinburgh) – The common currency is now accelerating its pace, sending EUR/USD to print session highs near 1.0940.
EUR/USD stronger on USD-selling
The poor performance of US Treasuries – with 10-year yields falling below 1.9%, lowest since late April – is removing an important tailwind for the greenback, which continues to shed gains below the 99.00 handle when tracked by the US Dollar Index.
Nothing worth mentioning in the data space, with the IBD/TIPP index due later across the pond, followed by the speech by Fed’s E.George and the API’s report on crude oil stocks.
EUR/USD levels to watch
The pair is now advancing 0.36% at 1.0934 facing the next resistance at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) and then 1.1053 (200-day sma). On the other hand, a break below 1.0777 (post-ECB low Jan.21) would open the door to 1.0737 (38.2% Fibo of 1.0538-1.1059) and finally 1.0709 (low Jan.5).
U.S. stock-index futures fell. Global Stocks: Nikkei 17,750.68 -114.55 -0.64% Hang Seng 19,446.84 -148.66 -0.76% Shanghai Composite 2,750.45 +61.60 +2.29% FTSE 5,944.44 -115.66 -1.91% CAC 4,306.52 -85.81 -1.95% DAX 9,639.1…
FXStreet (Mumbai) – The US oil prices extended losses to a new daily low of USD 30.17/barrel as Iran’s plans to increase exports at faster-than-expected rate squashed hopes of a joint production cut.
Oil down more than 4%
At USD 30.120/barrel, WTI futures are down 4.3%. As per Shana news, Iran is targeting 2.3 million barrels of crude oil exports per day. This should put to rest any possibility of a joint OPEC and non-OPEC production cut.
Consequently, the traders are responding by sending oil contracts at both the sides of the Atlantic lower. The API inventory data in the US may make matters worse if it shows a rise in the storage levels.
WTI oil Technical Levels
The immediate resistance is seen at 30.76 (4-hr 100-MA), above which the gains could be extended to 31.58 (hourly 50-MA). On the other hand, a break below 30.00 levels could open doors for a slide to 29.26 (Jan 26 low).
The US oil prices extended losses to a new daily low of USD 30.17/barrel as Iran’s plans to increase exports at faster-than-expected rate squashed hopes of a joint production cut.
(Market News Provided by FXstreet)
FXStreet (Córdoba) – NZD/USD edged lower and hit fresh daily lows after Fonterra’s Global Dairy Trade price index fell 7.4% at today’s auction.
NZD/USD fell under previous daily lows and hit a fresh one at 0.6460 after the GDT auction figures were released. However, data had only mild impact on the kiwi, which continues to trade well within yesterday’s range. At time of writing, NZD/USD is trading at 0.6465, down 1.19% on the day.
The previous Fonterra reading on January 19th showed a 1.4% decline in the price index. The index has gained relevance lately, as approximately 7% of New Zealand GDP comes from milk exports.
NZD/USD technical levels
As for technical levels, if NZD/USD breaks below 0.6447 (Feb 1 low), next supports could be found at 0.6410 (Jan 21 low) and 0.6347 (Jan 20 low). On the flip side, resistances line up at 0.6557 (Feb 1 high), 0.6589/93 (Jan 13 high/100-day SMA) and 0.6626 (50- day SMA).
The Italian statistical office Istat released its unemployment data on Tuesday. The seasonally adjusted unemployment rate remained unchanged at 11.4% in December. December’s figure was revised up from 11.3%. The number of unemployed people was 2.898 …
FXStreet (Edinburgh) – The selling interest is now gathering traction around CAD, pushing USD/CAD once again towards the area of session highs near 1.4070.
USD/CAD stronger as oil slumps
The Canadian dollar is now testing fresh lows vs. its American neighbour as crude oil prices are intensifying its daily losses, with the barrel of West Texas Intermediate navigating daily lows near the $30.00 mark.
Nothing major expected on the data front, with US IBD/TIPP index due later and ahead of the speech by Fed’s E.George and the release of the weekly report on crude oil stocks by the API.
USD/CAD significant levels
As of writing the pair is up 0.97% at 1.4068 and a surpass of 1.4225 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20). On the other hand, the immediate support lines up at 1.3877 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3552 (100-day sma).