NZDUSD finds support amid USD Strength
The New Zealand dollar fell further away from its recent peak as the sell-off continues.
- On the chart, the pair has fallen over 150 pips, putting immense pressure on traders who previously jumped on the earlier rally.
- Only a clear break above 0.5700 would improve market sentiment, as price action finds support at 0.5650.
- 0.5840 would be the target higher if momentum turns around.
- Otherwise, further selling could send the kiwi to 0.5600.
GBPUSD spikes higher as USD Strength takes a breather
Cable also found support as the dollar takes a breather.
- The pair hovers above 1.3250 as trend followers look to maintain the Dollar’s trajectory.
- A bullish move would prompt sellers to cover their bets and put Sterling on a steady rebound towards 1.3400.
- On the downside, a fall below the immediate support of 1.3250 would expose the critical floor at 1.3160.
The latest USD Strength remains a key factor across the currency market, although any further pause in the dollar could allow the major pairs to stage a broader recovery.
USOIL maintains bull run
WTI moved higher as tensions heat up with no end in sight for the current conflcit.
- As the daily RSI moved away from the oversold area, bulls might take a breather after they cleared the 95.00 level.
- A previous test at the psychological bottom of 90.00 was the last layer of defence before a potential deeper correction.
- 97.00 becomes a fresh resistance to clear before a continuation can take place, with 100.00 on the horizon.
Whether the current USD Strength can continue will remain an important factor for currency markets, while oil maintains its own bullish momentum.
