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Losing streak continues: the Kiwi down 11 pips to 0.5843 adding to its four days of losses

The Kiwi weakened earlier in the day, before moving away from its 0.5804 low and recovering back to 0.5843.

  • Today's losses are adding to an 8 day bearish run, during which the New-Zealand Dollar lost 282 pips of its value.

The Kiwi has shed 15% over the past six months.

The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. The Kiwi's lower Bollinger band is at 0.5851, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems the New-Zealand Dollar is set to appreciate despite today's setback.

In the meantime, negative performances are also seen in other pairs as EUR/JPY is down 176 pips from the beginning of the session and now trades around 140. GBP/JPY drops 1.29% to trade around 160.24.

Positive performances can be seen by looking at other currencies as USD/CHF skyrockets 1.33% to trade around 0.979.

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Currencies

Bullish currency pair Dollar-Swiss runs out of steam at 0.9848; currently at 0.9845

Dollar-Swiss goes up to 0.9845 after dipping down to 0.9785 earlier.

Dollar-Swiss has appreciated 5.74% over the past six months.

Chart analysis indicates USD/CHF price action is currently oscillating around the 0.9798 resistance level with prices moving above and below several times during the session.

While Dollar-Swiss is up today, these currencies are lagging behind: GBP/USD closed at 1.1387 (down 0.76%). EUR/USD is down to 0.9924, losing 62 pips, after closing at 0.9987 in the preceding trading session. GBP/NZD dips 0.49% to trade around 1.9926.

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Currencies

Weak sentiment sees Euro-Aussie dollar posting 0.23% loss

Euro-Aussie dollar is down to 1.5327, after ending yesterday at 1.5362. Overall, a 0.23% loss or 35 pips today.

Having set a significant high of 1.6175 a month ago, Euro-Aussie dollar is trading 7.51% lower.

With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Euro-Aussie dollar's upper Bollinger band is at 1.5311 which indicates a further downward move may follow.

Overall, the technical outlook suggests Euro-Aussie dollar is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are seen in other pairs, USD/CHF is down to 0.9785, losing 33 pips, after closing at 0.9819 in the preceding trading session. GBP/JPY closed at 164.74 (down 0.36%). After ending yesterday's session at 143.93, EUR/JPY lost 36 pips and is trading around 143.56.

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Currencies

The New-Zealand Dollar jumped 9 pips from a 2 years low and ended session at 0.56

The Kiwi dropped to 0.559, its lowest point in 2 years. It later recovered 9 pips and closed at 0.56.

Trend analysis indicates that NZD/USD made an initial break below its 5 day Simple Moving Average at 0.5718, a possible indication of a forthcoming negative trend. According to momentum evaluation, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In the New-Zealand Dollar's case, the RSI has fallen below 30, indicating the asset is oversold. The Kiwi formed a session range of 0.559 to 0.5751 leaving buyers and sellers highly concentrated around an active Fibonacci support level of 0.5636. Analysis based on the asset volatility indicates that the New-Zealand Dollar's lower Bollinger band is at 0.557, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis indicates the New-Zealand Dollar fell below the 0.5727 support zone and moved 128 pips beyond it; the next level of support with significant buyer interest is estimated at 0.5712.

Overall, the technical outlook suggests the Kiwi is likely to remain muted for the immediate future, with no clear-cut direction.

The Kiwi's value drop coincided with the fact that AUD/USD crashes 1.48% Friday and closed at 0.65.

Though the New-Zealand Dollar has been dropping, other pairs have been performing better: EUR/NZD shoots up 2% Friday and closed at 1.7164. GBP/CAD added 1.54% and closed around 1.5209 Friday.

Having set a significant high of 0.7197 5 days ago, the New-Zealand Dollar is trading 1.46% lower.

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