NZDUSD Continues South, EURUSD Consolidates around 1.11

Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

NZDUSD Continues South, EURUSD Consolidates around 1.11

August 22, 2019

Asian indices finished mixed today as investors turn cautious ahead of the Jackson Hole meeting later this week. The Hang Seng trading 0.84 percent lower at 26,048, Nikkei225 in Japan is 0.05% higher at 20,628. The Shanghai Composite trading 0.11 percent higher to 2,883, while in Singapore the FTSE Straits Times index finished 0,22 percent higher to 3,129. Australian equities trading higher, the ASX 200 is 0.29% higher to 6,501.

European equities started lower today, DAX30 is 0.15 percent lower to 11,783, CAC40 is 0.44 percent lower at 5,411 while the FTSE MIB in Milan is trading 0.28 percent higher at 20,904. The London Stock Exchange is 0,59% percent lower to 7,161.

In commodities markets, crude oil trades 0.38 percent higher at $55.89 as traders turn cautious on recent trade war escalation and global growth concerns. Brent oil is trading 0.22% higher at $60,43 per barrel despite major oil producers have agreed to cut output. Gold consolidates around 1,500 mark keeping the bullish momentum as the price holds above all the major daily moving averages. On the upside, strong resistance will be met at 1,534.94 recent high.      

In cryptocurrencies, Bitcoin (BTCUSD) trades lower at 9,914, hitting the daily low at 9,741 and the daily high at 10,164. Bitcoin lost the bullish momentum as it breached below the 50-day moving average. Immediate support for BTC stands now at $9,439 the low from July 30, while next support stands at 9,000. On the upside, strong resistance now stands at 13,138 recent high and then at 13,500 round figure. Ethereum (ETHUSD) trades lower to 184, with capitalization now to 19.9 billion, on the upside the immediate resistance stands at 317 high while the support stands at 172 recent low, Litecoin (LTCUSD) also trades lower at 72.90. The crypto market cap now stands above $259.4 billion.

On the Lookout: Germany’s Manufacturing PMI came in at 43.6 beating expectations of 43 in August the Composite PMI also came in at 51.4 above forecasts of 50.5 in August. The EU Manufacturing PMI came in at 47 topping forecasts of 46.2 in August. Japan All Industry Activity Index (month over month) registered at -0.8%, below forecasts of -0.7% in June.

consolidates
NZDUSD Weekly Chart

Trading Perspective: In forex markets, USD index trades 0.07 percent higher at 98.32, the Aussie dollar trades 0.27 percent lower at 0.6763, while Kiwi trades lower to 0.6383.

GBPUSD trades 0.09% higher at 1.2132. Major support now stands at 1.2017, the daily which if broken might accelerate the slide further towards 1.20. On the upside, immediate resistance now stands at 1.2415 the 50-day moving average while more offers will emerge at 1.2652 the 100-day moving average.

In Pound futures markets open interest decreased by 1,300 futures contracts, while volume decreased by 21.500 contracts.

EURUSD trades 0.07% higher and consolidates at 1.1082, as Oli Rehn’s dovish comments pressure the common currency. Immediate resistance for the pair stands at 1.1114 the 100-hour moving average and then at 1.1156, the 200-hour moving average. On the downside, immediate support stands at 1.1069 the low from August 2 and then at 1.1026 the YTD low. 

In Euro futures markets open interest decreased by 1,700 futures contracts, volume decreased by 340.500 contracts.

consolidates
EURUSD Daily Chart

USDJPY is trading 0,15% lower at 106.37 having hit the daily low at 106.24 and the daily high at 106.64. USDJPY pair will find support at 106.20 the low from yesterday. On the upside, immediate resistance for the pair now stands at 107.56 the 50-day moving average and then at 108.91 the 100-day moving average. 

USDCAD is trading 0.03 higher at 1.3289, the pair will find immediate support at 1.3017 the YTD low while extra support stands at 1.30 round figure. On the upside, immediate resistance now stands at the 1.3330 the daily high before an attempt to 1.3450 high from 31st May.  

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