NZDUSD DAILY UPDATES FOR 22.06.2016
Hello Traders, Perhaps the highlight of yesterday was Yellen’s comments in front of Senate Banking committee where other than the global economic slowdown and Brexit referendum due to take place on Thursday, the Feds were worried about reducing productivity, aging population and general slowdown of hiring amongst firms in the US. This she said were the main reasons why the specific date when fund rates will be raised remains tentative. From the comments made, we can also speculate on when the feds will raise rates given that on the last quarter of 2015 they had indicated that rates will be increased at least two times this year and then three times each in 2017 and 2018 but for now, fundamentals look weak to warrant such moves especially when the issue of Brexit is weighing down and affecting monetary policy moves in many economies. From my analysis we shall continue to add to our longs in this time frame especially when we look at how the stochastics and OBV are behaving. After that record 0.715 move which represented this year’s highs, price action made some series of lower highs in respect to the upper BB before price resumed on its upwards trend when it bounced off from the support trend line. For once, we shall expect this to upward momentum to continue especially now that price action is trending strongly above the 50% Fibonacci level. Fundamentally, today’s Asian session releases triggered some upward moves when data showed that the number of visitors visits increased by 0.1% this month but Credit Card spending reduced to 5.9%.So, with yesterday’s confirmation, we shall look to initiate buys today as follows: Buy Limit-0.704 SL-0.701 TP-0.710 Later today at 1430 GMT watch the weekly Crude Oil inventories projected at -1.3M from -0.9M. Have a splendid trading day
About The Forex Analyst
I have been trading Forex and commodities for the past 3 years. [email protected] for further discussions.