NZDUSD breaks support
The New Zealand dollar tumbles against its US counterpart amid soaring Treasury yields.
The pair is looking to consolidate its recent gains after it rallied above the 30-day moving average (0.6820). The December high at 0.6860 is a major resistance. A bullish close may propel the kiwi to 0.6950.
In the meantime, the pullback below 0.6800 suggests a lack of further commitment from the buy-side as short-term traders took profit. 0.6740 is the next support and its breach may lead to a correction to 0.6700.
XAGUSD seeks support
Silver falls back as the US dollar strengthens across the board. Price action saw a strong recovery from the daily support at 21.50.
A rally above 23.15 indicates interest in keeping the rebound valid, following a brief end of the year sell-off. The double top at 23.40 is an important resistance on the way to 23.70. This point lies in a supply zone from the late November sell-off.
A break below the psychological level of 23.00 has prompted intraday buyers to bail out. 22.60 is the closest support and its breach could drive the metal to 21.80.
GER 40 rises towards an all-time high
The Dax 40 rallies in hopes that Omicron lockdowns can be avoided. A bullish MA cross on the daily charts indicates improved sentiment.
The rally accelerated after it cleared the supply area around 15750. The bulls are pushing towards the all-time high at 16300. A breakout could resume the uptrend, attracting trend followers in the process.
The RSI surged again into the overbought territory and may temper the bullish fever. 15840 is fresh support. 15680 from the previous resistance area would be a test for buyers’ resolve.
Looking to trade more than just metals? Check out the different types of financial instruments!!
