AUDUSD Steadies at $0.645 Awaiting RBA ClarityAUD/USD stabilizes below key Fibonacci level with potential to rise past $0.653 despite overall bearish trend.
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Forextechnical
NZDUSD-4H-TREND CONTINUATIONNZDUSD is looking bearish in HTF
1. Conditional Scoring:
Bearish sentiment is derived from expectations of deteriorating economic conditions in New Zealand relative to the US.
2. COT-FILP:
Bearishness is based on speculative positioning in the futures market, where traders anticipate a decline in the NZDUSD exchange rate.
3. Seasonal Patterns:
Bearishness during the first two weeks of May since the last 5, 10, and 15yr is attributed to seasonal factors, such as decreases in exports or shifts in interest rate differentials.
4. Fundamentals:
Improvements in leading economic indicators and exogenous factors suggest strength in the NZD, while a decline in endogenous factors implies potential weakness in the currency.
5. Technicals:
Bearishness in the trend and continuation pattern suggests a downward trajectory in the NZDUSD pair, while bullish divergences might indicate a potential reversal despite other technical factors pointing to bearish.
Overall, the analysis concludes with a bearish outlook for the NZDUSD pair, considering both fundamental and technical factors.
USDCAD - Short opportunity if price holds below resistance areaFundamentally speaking, there is a chance that USD could be dropping lower if this month's CPI prints a lower number than the previous month's number. Furthermore, combined with CAD fundamentals that starting to align with Oil price fluctuation provide a quite stable CAD outlook.
In terms of technical perspective, a big rejection candle that is present on top of the marking area provides a signal that a continuation to the downside is quite possible.
In conclusion, as long as the price did not move higher and close higher than the high of the rejection candle, a short position is preferable.
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