New Zealand Dollar: NZD/USD (NZD=X) gained on the back of comments by President Trump

New Zealand Dollar: NZD/USD (NZD=X) gained on the back of comments by President Trump

New Zealand Dollar: NZD/USD (NZD=X) gained on the back of comments by President Trump

Both the Aussie and Kiwi gained on the back of comments by President Trump, in which he stated that he would delay the planned tariff increase on Chinese imports (Deadline March 1st) and that he will be looking to have summit with President Xi once an agreement can be reached. Consequently, antipodeans are outperforming across the board with AUD and NZD hitting highs of 0.7180 and 0.6900 respectively.

The USD is softer across the board with the exception of the safe-haven JPY as an end to the US-China trade war looks to be drawing closer. Elsewhere, eyes will be on Fed Chair Powell, who is likely to reiterate patience with regard to rate rises.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 0.70.

The projected lower bound is: 0.68.

The projected closing price is: 0.69.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 25 white candles and 24 black candles for a net of 1 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 78.4543. This is not an overbought or oversold reading. The last signal was a sell 4 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 56.97. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 71 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 98. This is not a topping or bottoming area. The last signal was a buy 9 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.

Rex Takasugi – TD Profile

FOREX NZD= closed down -0.000 at 0.688. Volume was 89% below average (consolidating) and Bollinger Bands were 5% narrower than normal.

Open High Low Close Volume___
0.688 0.689 0.687 0.688 5,262

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 0.68 0.68 0.67
Volatility: 10 11 11
Volume: 41,224 44,291 50,695

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX NZD= is currently 1.9% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of NZD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on NZD= and have had this outlook for the last 22 periods.

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