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NZD/USD Tests Former Support Ahead of Federal Reserve Minutes


NZD/USD Tests Former Support Ahead of Federal Reserve Minutes
2021-04-06 20:00:00
David Song,
Strategist
New Zealand Dollar Talking Points
NZD/USD struggles to extend the series of higher highs and lows from the start of the month even as the Relative Strength Index (RSI) breaks out of the downward trend from earlier this year, and the exchange rate may consolidate ahead of the Federal Reserve Minutes if former support acts as resistance.
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NZD/USD Tests Former Support Ahead of Federal Reserve Minutes
NZD/USD attempts to retrace the sharp decline from the previous month after defending the February low (0.6943), with the RSI highlighting a similar dynamic as the indicator breaks out of a downward trend following the failed attempt to push into oversold territory. ....

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Oil slumps, gold in 'no man's land' - MarketPulseMarketPulse


Oil slumps, gold in ‘no man’s land’
April 5, 2021SharePrint
US Data
A wrath of late-morning data confirmed what everyone knows, the US economy is headed in the right direction.  The miss with February’s factory and durable goods orders did not matter following the March ISM services index record growth reading.  The service sector is bouncing back stronger than expected and that is great news for the US economy.  The ISM Services index rose to 63.7, a strong beat of the 59.0 forecast, and an improvement from February’s nine-month low of 55.3.
Oil
Oil prices are lower as the global crude demand outlook remains unbalanced and as OPEC+ prepares to ramp up production.  It is hard to gauge the demand outlook since you have Europe still struggling with their vaccine distribution, while India and Brazil still have COVID cases trending higher.  The US looks like it’s ready to party like it’s 2019, but that won’t be enough to send oil prices much hi ....

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