NZD/USD Oversold on the Daily Chart
The pair attracts buyers today, as risk-on mood prevails, trying to put an end to its five-week losing week
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The pair attracts buyers today, as risk-on mood prevails, trying to put an end to its five-week losing week
The chart on the left shows the GBPUSD daily time frame. Its heiken ashi is in the weak area, between the lower blue and lower red bands. The daily stochastic is maintaining a weak reading in its lower quintile (aqua arrow). This is indicative of bearish momentum. Given this weakness in the daily, the right chart is interesting. It is the H1 timeframe and shows that after a ~24hr rally,…
Risk-on mood prevailed as fears around the severity of the omicron variant subside, helping the pair higher, after two loosing weeks
The Reserve Bank of Australia kept rates and asset purchases unchanged, with the pair reacting higher, amidst improved market sentiment
USA and Canada, both released their employment figures on Friday and despite stark contrast between the two reports and the ensuing volatility, the pair’s outlook is little changed
Particpation Rate Friday's headline NFP disappointed at 210K, missing the consensus of 553K by a large margin. However, of importance, the participation rate ticked up to 61.8%. The series represents the number of the labour force which are either employed or actively seeking employment. This is encouraging as the participation rate has been moving sideways since July 2020 and the upwards movement suggests less discouraged workers and more positivity amongst…
The pair trades on the back foot after last week’s two-way action, in the aftermath of Fed’s hawkish commentary and poor US NFPs
The pair stays on the back foot as investors continue to monitor Omicron developments and await key US Jobs report later in the day
The pair lacks firm direction, as risk tones normalize today, following a few tumultuous days that culminated to new 2021 lows earlier in the week
Weekly Chart The weekly chart below makes for an interesting analysis. This week's candle (aqua arrow), which is still to be completed, is a doji. This is a candle of uncertainty. Bulls tried to take the price up and the bears tried to take the price down, however, despite intentions, the price remains relatively flat for the week. Given the uncertainty surrounding omicron, the doji candle is not surprising. However,…
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