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Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 12 July 2017 at 2:58 GMT

Chart Bites: Is NZDUSD's bull run out of puff?

Trader / Saxo Capital Markets Pte Ltd
Singapore
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  • Could the S&P 500 be heading higher? 
  • The uptrend in NZDUSD looks to be spent
  • Gold forming a double top, just below its multi-year trendline resistance.
  • US dollar index reaches its price target of 95.4


By Edmund Liu

NZDUSD uptrend exhausted

After an extended bull run since May 2017, the uptrend in NZDUSD looks exhausted. MACD suggests increasing downside momentum as the pair currently tests the 23.6 retracement of the up move since May 2017.

n
 
EURUSD upside momentum

Pair continues to pick up upside momentum, however overhead resistance is the 1.15 region on the weekly charts.

e
 
GBPJPY finds resistance 

Pair continues to find resistance at the 148 region, which has stopped two rallies in Q4 2016 and Q2 2017.

g
 
DXY reaches target 

Since the head and shoulders top on the US dollar index, the index has now reached its price target of 95.4. It remains to be seen if the index will reverse its tailspin from here.

d
 
Could the S&P 500 be heading higher? 

After consolidating for close to two months now, could the S&P 500 be heading higher? A break above the symmetrical triangle would be technically bullish for the index.

e
 
Nasdaq higher

Nasdaq continues to trade higher after failing to break below its descending triangle pattern.

n
 
SPI200 tests average

The SPI200, still trading within its downtrend channel, tests the 200-day moving average support today.

s
 
Gold forms double top

Gold forming a double top, just below its multi-year trendline resistance.

x
 
Wheat finds resistance

The rally in wheat looking exhausted as it finds resistance at the 550 region.

w
 
Source all charts SaxoTrader. Create your own charts with SaxoTrader; click here to learn more

-- Edited by Susan McDonald

Edmund Liu is a trader on TradingFloor.com.

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