NZD/USD bounces-off hourly 50-SMA, re-takes 0.7150

Dhwani Mehta FXStreet

The NZD/USD pair reversed losses and swung back into gains post-China open, with the bulls rescued by a solid support located around hourly 50-SMA at 1.7120.

NZD/USD heading towards fresh yearly tops

Currently, the NZD/USD pair rises +0.17% to fresh session highs of 0.7137, making headways towards previous high printed at 1.7169. The Kiwi manages to regain the bids mainly on the back of a weaker US dollar against its major competitors after Fed Yellen’s testimony offered no new surprises and highlighted the Fed’s cautious stance on the rates decision.

Moreover, upbeat visitor arrivals data from the NZ economy also underpinned the sentiment around the Kiwi, with the migration data for May coming in at +5500 versus prior +5520.

Further, with the oil prices turning positive, the NZD/USD pair receives additional boost, keeping the bulls in charge. Next in focus for the major remains the Brexit headlines and US economic releases, while Yellen’s round 2 of testimony will be also eyed.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7169 (multi-month highs), above which it could extend gains to 0.7200 (round figure). To the downside immediate support might be located at 0.7120 (1h 50-SMA) and from there to at 0.7070 (10-DMA).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD sticks to positive bias above 1.1800 as trade jitters undermine USD

The EUR/USD pair builds on the previous day's modest gains and attracts some buyers for the second straight day on Thursday amid a softer US Dollar. Spot prices, however, lack bullish conviction and trade around the 1.1815-1.1820 area during the Asian session, up 0.10% for the day.

GBP/USD bounces as soft CPI boosts BoE cut bets

GBP/USD rose 0.42% on Wednesday, recovering toward 1.3600 in a session shaped by softer-than-expected UK inflation data and broad US Dollar weakness. The pair had been consolidating in a tight range between about 1.3450 and 1.3520 for the past few days following the sharp pullback from the late-January high near 1.3870, and Wednesday's move pushed price action back onto the high side of key moving averages.

Gold retains positive bias amid sustained safe-haven demand, softer USD

Gold attracts some buyers for the second straight day as trade jitters and geopolitical tensions ahead of the US-Iran nuclear talks underpin demand for safe-haven assets. Apart from this, a softer US Dollar further supports the bullion, though the underlying bullish sentiment could cap gains. Bulls might also opt to wait for acceptance above the $5,200 mark before positioning for any meaningful appreciating move.

AUD/USD rises toward three-year highs on RBA rate hike bets

AUD/USD remains stronger for the third successive session, trading around 0.7120 during the Asian hours on Thursday. The pair advances toward its three-year high of 0.7147, last touched on February 12, as the Australian Dollar strengthens following hotter-than-expected inflation data from Australia, reinforcing expectations of further interest rate hikes by the Reserve Bank of Australia this year.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.