Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD (1.0984)
The U.S. dollar is resuming its bullish trend against the Canadian “Loonie.” We note this move occurred after it formed a bullish candlestick around 1.06 and has been inching higher ever since.
We need a daily close above the key technical level at 1.0985 then above 1.10 to really open the gates for 1.1045 and higher. Should the currency pair reverse, a move below 1.0950 can see a test of the key support near 1.0910 then 1.0905.
NZD/USD (0.83597)
The New Zealand “Kiwi” has crashed below the key technical level at 0.84 and is now at a five month low. We see the next support looming at 0.8350. A daily lose below that opens the doors for 0.8310 then the next key technical level at 0.83.
Should the NZD recover, we need to move above 0.84 then close above 0.8410 for any meaningful recovery. If this happens we could then retest 0.8450.
EUR/USD (1.3245)
The euro remains weak and continues to slide lower. We are moving to the next technical level at 1.3210. We expect this level to hold bringing consolidations at first.
A recovery needs to see a daily close above 1.3410 to indicate a bottom in place. If this happens a test of 1.3450 would be in the cards. For now, our model and outlook remains the same.
