NZD/USD breaks support

The New Zealand dollar tumbles against its US counterpart amid soaring Treasury yields.

The pair is looking to consolidate its recent gains after it rallied above the 30-day moving average (0.6820). The December high at 0.6860 is major resistance. A bullish close may propel the kiwi to 0.6950.

In the meantime, the pullback below 0.6800 suggests a lack of further commitment from the buy-side as short-term traders took profit. 0.6740 is the next support and its breach may lead to a correction to 0.6700.

NZDUSD

XAG/USD seeks support

Silver falls back as the US dollar strengthens across the board. Price action saw a strong recovery from the daily support at 21.50.

A rally above 23.15 indicates interest in keeping the rebound valid, following a brief end of the year sell-off. The double top at 23.40 is an important resistance on the way to 23.70. This point lies in a supply zone from the late November sell-off.

A break below the psychological level of 23.00 has prompted intraday buyers to bail out. 22.60 is the closest support and its breach could drive the metal to 21.80.

XAGUSD

GER 40 rises towards an all-time high

The Dax 40 rallies in hopes that Omicron lockdowns can be avoided. A bullish MA cross on the daily charts indicates improved sentiment.

The rally accelerated after it cleared the supply area around 15750. The bulls are pushing towards the all-time high at 16300. A breakout could resume the uptrend, attracting trend followers in the process.

The RSI surged again into the overbought territory and may temper the bullish fever. 15840 is fresh support. 15680 from the previous resistance area would be a test for buyers’ resolve.

GER40

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD retreats to 1.0700 as investors assess US data

EUR/USD retreats to 1.0700 as investors assess US data

EUR/USD has lost its bullish momentum and retreated to the 1.0700 area in the early American session. The data from the US showed that the economy contracted at an annualized rate of 1.5% in the first quarter and Initial Jobless Claims declined to 210,000 last week.

EUR/USD News

GBP/USD erases daily gains, trades below 1.2600

GBP/USD erases daily gains, trades below 1.2600

GBP/USD has reversed its direction and retreated below 1.2600 in the early American session with the dollar staging a rebound after US data. UK Finance Minister Sunak announced on Thursday that they will be providing support to low-income households.

GBP/USD News

Gold bears eye $1,838 and $1,836 as next downside targets

Gold bears eye $1,838 and $1,836 as next downside targets

Gold Price is feeling the pull of gravity after less hawkish FOMC minutes released on Wednesday offered a brief reprieve to XAU bulls. Gold is extending the retreat from two-week highs of $1,870, as the US dollar clings onto minor recovery gains amid a cautious risk environment.

Gold News

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Majors

Cryptocurrencies

Signatures