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Andrea FXMart

Daily Market Analysis From Forexmart

583 posts in this topic

NZD/USD Technical Analysis: June 23, 2017

 

The Kiwi dollar break up to the upside amid Thursday trading hours and cut through over the region 0.7250, touching higher up to 0.7270 area, however, retreated to 0.7250 mark by which buyers have seen to make its entry towards the marketplace.

 

As the  24-hour exponential moving average still offer support causing the New Zealand to attract the attention of the buyers but pull back is required in order to meet those buyers.

The target is the level above 0.73 and when the commodity sector could at least make some recovery, it could further support the NZD.

 

Having said that, a consolidation will form between the 0.72 and 0.73 levels. Basically, we are on top of the “fair value” which indicates that buyers are nearly able to direct the market.

Ability to break on top of 0.73 will enable the market to crept higher and it may take some time to do so.

 

Moreover, the national currency of New Zealand Dollar appeared to be the strongest among other commodity currencies which have the possibility to keep going.

 

As a buyer, we recognize the breakdown under 0.72 area which is negative and has the potential to revise the overall projections.

 

The 0.75 level remains to be the target In the longer-term, even though it may take quite some time, the longer-term traders still believe that it will happen soon. With this, the market persists in buying the dips.


Andrea ForexMart, Official Representative

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USD/CAD Fundamental Analysis: June 27, 2017

 

The USD/CAD pair remains confined within its previous trading range of 1.3200 and 1.3300 points as there were no major events yesterday that could have swayed the current stance of the loonie. As the US dollar has been gaining more and more momentum due to the release of a positive durable goods data, this has been subsequently countered by an oil price surge on the side of the Canadian dollar, and this is why the USD/CAD pair has been in a deadlock as these events have cancelled out the effects of one another.

 

Oil prices are still consolidating within its price lows but tension within oil-producing countries has lent some additional support for oil prices, enabling them to surge at over $43 per barrel. Since the loonie is highly dependent on oil prices, the USD/CAD pair is then expected to increase subsequently in line with the increase in oil prices. The Fed chose to brush off the weak data coming from the US economy and still went ahead with its planned rate hike, but the market is not yet sure of the timing of the next rate hike since the dollar strength has not yet established itself as far as traders are concerned. This is why the market is now closely monitoring the incoming readings from the US in the short term in order to determine if the Fed is correct with its assumption that the US will be set to release a slew of positive data. If indeed these data comes out as positive, then the dollar strength should further increase as well.

 

For today’s trading session, Janet Yellen is set to make a statement within the day but the USD/CAD pair is expected to remain consolidating within its previous trading range.


Andrea ForexMart, Official Representative

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USD/CAD Fundamental Analysis: June 28, 2017

 

The USD/CAD broke through the support level 1.32 amid trades in the past 24 hours following the strength from the Loonies and sluggish dollar witnessed by the entire market.

Making it possible for the pair to trail near the 1.31 area, en route to 1.30 in the near-term. The next bounce could probably be seen at 1.30 level.

 

The greenbacks lost steam due to delay from the healthcare reform bill with increasing concerns that the bill should be revised. Another thing to consider is the possibility that the reform will start hitting roadblocks that could make policy decisions a much tougher task. Apparently, this is negative for the American currency and the upcoming data from the US seems to be bad after several weeks. The USD suffers in spite of the efforts of the Fed for not paying attention to the negative data, as well as to bolster the greens.

 

Moreover, Canadian data indicated an uptrend in the economy of Canada which is reflected from the CAD’s value which is further recognized by the Bank of Canada. According to BOC, the time for rate reduction is over since it signaled a hawkish stance which shows that they remain on hold in the near-term and plans to employ rate hike during the medium and long-term. Having said that, the Loonies bolstered along with the steady increase in oil prices that started earlier this week. The Canadian dollar had progress with increasing success causing the USDCAD to move lower.

 

Ultimately, we expect no major news from US or Canada, however, the US inventory statistics for oil is anticipated that could affect oil cost and could further weigh on prices of the commodity-linked pair.


Andrea ForexMart, Official Representative

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