USD/SGD trades at 1.4128 after gaining 28 pips (0.19%).
- USD/SGD has gained 51 pips over the past 4 days, and today's session seems to be adding to the current uptrend.
USD/SGD is now trading 6.11% away from its significant low of 1.329 first tested 6 months ago.
Trend analysis indicates that investors are seeking long positions as USD/SGD price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that USD/SGD's upper Bollinger band is at 1.4132, this is a slight indication of a slowdown. A study of USD/SGD's historical price actions shows USD/SGD broke through the 1.4104 resistance and climbed above it 24 pips; next resistance level is at 1.4109.
Overall, while USD/SGD has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, EUR/CAD is down to 1.3265, losing 64 pips, after closing at 1.3329 in the preceding trading session. EUR/USD is down to 0.9928, losing 47 pips, after closing at 0.9975 in the preceding trading session. EUR/JPY closed at 142.85 (down 0.36%).
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.
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.
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.