NZDUSD recoups losses
The New Zealand dollar steadies as market sentiment tries to stabilise amid bank rescues. After flirting this month’s high of 0.6270 over the 30-day SMA, two shooting star patterns indicate the bulls’ struggle to push beyond. Their long upper shadows are a sign of double rejection. However, buyers were eager to buy the dip near 0.6150 and helped the kiwi recoup all the losses. A break above 0.6260 would prompt the bears to cover and signal that a bullish reversal is under way with 0.6370 as the next target.
EURJPY bounces off critical floor
The euro rallied after the ECB went ahead with a 50 bp rate hike as expected. On the daily chart, the pair has failed to secure a higher high. Instead, a sharp reversal below 141.70 caught rebound players off guard. The pair has found some rest over February’s low of 139.50 with the RSI recovering into the neutral area. However, the bounce could be temporary as it may be driven by short-covering. 143.00 is the immediate resistance and without fresh buying above 144.90 to take offers out, the bears would stay in control.
NAS 100 breaks resistance
Equities found relief after the SNB came to the rescue of Credit Suisse. A bullish RSI divergence showed a slowdown in the sell-off momentum. A brief drop below the daily support of 11820 was followed by a swift bounce above 12050, easing the selling pressure. The index surged above the support-turned-resistance of 12320, prompting sellers to cover and paving the way for a sustained recovery towards 12740. In case of a pullback, the base of the latest impetus at 12220 is key in keeping the bulls hopeful.
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