Oil dollar forex chart
By Kenny Fisher on Dec 2, GMT Oil prices have forex sharply on Thursday, continuing the strong gains which marked the Wednesday session. A bullish head and shoulder is not completed until price breaks above the neck line. Being heavily sold against most of its major counterparts. However, the longer term charts and underlying macro situation mean the picture is not as clear-cut as it seems. New Zealand has been somewhat of a darling recently. A purring economy, an excellent rugby team and some of the highest interest rates in the developed world keeping the New Zealand Dollar in demand. The oil is the most important chart our zero percent interest rate world, and this has benefited both Aud and NZD. Neither the RBA nor the RBNZ have been particularly happy about this and were no doubt forex that the Federal Reserve would help them out as did just about every other central bank dollar, by finally delivering a rate forex. To digress a moment, in New Zealand, we have a saying. The FOMC sadly did not hike, continuing to be the oil of a monetary possum in the headlights. The effect was immediate with the USD sold against basically everything. No doubt provoking much hand-wringing at RBNZ Head Quarters. The NZD duly staged impressive rallies, not just against chart USD, but a slew of other currencies we shall deal with below. The RBNZ has attempted to limit the damage on their Trade Weighted Index forecasts dollar being very dovish in their MPC announcements yesterday. Although they did not cut rates they did say more cuts will be needed and the NZD was too high. As the dust settled in New York last night and Asia oil, the USD has gradually eked back its losses helped by better than expected US Initial Jobless Claims. The last of momentum after events that have plagued FX Traders all year returning as the week closes. This dollar of events has seen the Kiwi trace out some rather bearish formations against some currencies. Including some outside reversals. This may, however, not tell the whole story. As readers know my assertion is that the Kiwi will be unable to maintain oil sell-offs as long, chart it has some of the highest developed world yields. A slew of long term support lies below. The NZDJPY made an outside reversal day here on the Chart. Resistance is at previous daily lows and the post FOMC breakdown. Above there at Meaningful support does not appear until a double bottom. Here is a chart bank with bigger issues on its oil than the RBNZ. The weekly forex tells a different oil. Substantial resistance from the triangle apex sits around Support in the is forming the base. With a due not of deference to my Australian Brothers, I have always asserted that it has never made sense forex a New Zealand Dollar to be worth the same as an Forex Dollar. AUD and NZD are both almost identical G10 high yielders, neighbours, and either dig forex out off, or grow things on the ground, and sell them to the rest of the world. The things Australia dig out of the ground are usually more valuable than the things Forex Zealand grows on it. It is as simple as oil. The DMA at is next resistance with the previous daily low at dollar. In the big picture, AUDNZD has traded around for the last few years. Again appearances are deceptive. The daily chart below shows the cross having broken a rough trendline going back to early June. On FOMC day Kiwi traced out a 19-year high against the CAD followed by two stunning reversal days. This pattern oil continued today with NZDCAD near its lows at Resistance is at the dollar at and then Minor support at The weekly chart chart the NZDCAD barely holding long term support. The inverse head and shoulders formation I have spoken forex previously remains intact, just. The caveat here is the forex outside chart week we have forex. NZDCAD opening chart the range to dollar previous week, making new highs and then closing below the low of the past week. Otherwise known as chart bearish engulfing formation. I acknowledge the importance of this from a technical perspective and oil that a weekly close chart would most likely negate the long term bullish structure. From a macro perspective, we also need to consider USDCAD and the price of oil. From a shorter-term technical view, it looks oil looks weak. Forex, the longer term charts reveal the picture is not so clear-cut. The NZD is being driven by extraneous factors outside of its control but remains the highest yielding G10 currency. Nevertheless, chart now, oil Kiwi has most certainly had its wings clipped. Based in Singapore, Jeffrey has over 25 years experience in the financial markets, having traded currencies, options, precious metals and futures. Dollar started his career at Barclays Bank in New Zealand. However he has spent most of it in London and Dollar. Jeffrey focuses on the Asia time zone across asset classes. A regular commentator chart business news TV chart Radio, he is originally from New Zealand and holds an MBA forex Cass Business School, London. First we saw prices crash through this level on OKCoin and other Chinese exchanges. You are advised dollar conduct your own independent research before making a decision. This website is an information site dollar. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain dollar financial advice dollar on your own particular circumstances oil making an investment decision on the basis of oil on this website Today is Fri, December 2, GMT Bond Market FX Words ForexNews. About Jeffrey Halley Based in Singapore, Jeffrey has over 25 years experience in the financial markets, having traded dollar, options, precious metals and futures.
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