MyFxTops邁投財經Bottom line: NZDUSD structure remains bullish until prices stay above 0.5470 levels. Bulls might be targeting 0.6760 resistance in the coming weeks/months.
Fundamental Outlook:
Today’s highlights are the OPEC meeting outcome, the Euro zone Finance Ministers meeting amidst the Corona Crisis, Fed Chair Powell’s brief on the Economic Situation along with the global effect of COVID-19 pandemic.
Oil price outlook would depend on the OPEC meet output today. Last week had seen Oil prices rallying up to 40% on the possibility of an end to the price war between Russia and Saudi Arabia. A unanimous decision on a production cut would be constructive for Oil and could be heading north again. Output may be reduced by 10 million barrels per day, as hinted by Mr Putin last week.
Global Equity Markets continued to rally yesterday with Dow Jones hitting close to 23400/500, while the SPX500 closing around 2750 levels respectively. This was mainly backed by the ongoing stimulus added by most Central Banks and signs of COVID-19 new cases having peaked in the U.S.
New York, the epicenter of outbreak in the U.S, has seen around 10% drop in new cases along with lesser deaths. The total cases in the U.S still tops the list at 435,128, with 201 new cases and 7 deaths.
Today’s Events:
- 08:30 AM EST US Initial jobless claims expected to print lower at 5000K against 6648K
- 08:30 AM EST CAD Unemployment rate set to rise at 7.5% against 5.6%
- 10:00 AM EST Fed Chair Powell to update on Economy
- 10:00 AM EST USD U. of Mich. Sentiment to print lower at 75.0 versus 89.1
- 10:00 Am EST OPEC+ Virtual Meeting
Technical Analysis:
NZDUSD bulls remain in control since 0.5470 lows earlier and are looking poised to push higher towards 0.6450 levels in the immediate future.
Most traders might be willing to buy further around 0.5800/0.5900 levels (intraday corrective drop), with a protective stop below 0.5470 and projected targets above 0.6450 and 06760 respectively.
The weekly chart is suggesting a potential rally towards 0.6760 and 0.7000 levels as long as NZDUSD stays above 0.5470 lows print on March 16, 2020.
Prepared by
Harsh Japee, Technical Analyst.
NZDUSD Chart
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