New Zealand Dollar: NZD/USD (NZD=X) June trade surplus was wider than expected
The New Zealand Dollar is trading lower early Wednesday as the U.S. Dollar rose in reaction to news that U.S. trade negotiators will head to China to recommence trade talks. U.S. trade negotiators are planning to head to China for face-to-face talks as the two economic powerhouses try to strike a deal, sources told CNBC.
At 04:23 GMT, the NZD/USD is trading .6696, down 0.0008 or -0.13%.
The U.S. Dollar was also lifted after the Trump administration on Tuesday reached a deal with lawmakers to lift government borrowing limits. Analysts said that the move would increase U.S. borrowing, which would tighten the supply of money in the country’s banking system. This would be supportive for the greenback.
In other news, New Zealand’s June trade surplus was wider than expected as exports were bolstered by logs and imports fell to their lowest level in 16 months.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 0.67.
The projected upper bound is: 0.68.
The projected lower bound is: 0.66.
The projected closing price is: 0.67.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 9.7643. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 2 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 53.01. 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 buy 45 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 1. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX NZD= closed down -0.001 at 0.670. Volume was 95% below average (consolidating) and Bollinger Bands were 9% narrower than normal.
Open High Low Close Volume___
0.670 0.671 0.669 0.670 1,880
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.67 0.66 0.67
Volatility: 8 9 10
Volume: 29,970 35,613 42,969
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.
FOREX NZD= is currently 0.4% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 25 periods.
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