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According to TASS: Iranian President Pezhichyan arrived in Moscow for talks with Russian President Vladimir Putin.January 17, gold prices hovered near a five-week high on Friday and are expected to rise for the third consecutive week as U.S. inflation data released earlier this week once again raised expectations that the Federal Reserve may cut interest rates more than once this year. Ajay Kedia, director of Kedia Commodities, said that the support level is expected to be $2,694, and if it breaks through $2,720, the price of gold will advance to $2,770. ANZ analysts said that gold will play its risk diversification appeal amid macroeconomic and geopolitical uncertainty. Golds sensitivity to its traditional drivers (interest rates and the U.S. dollar) will continue to fluctuate in 2025. Michael Langford, chief investment officer of Scorpion Minerals, said that the increased uncertainty brought about by the new U.S. administration and its possible actions is affecting gold as a tool for trading short-term fluctuations.The overnight repurchase rates of the Shanghai and Shenzhen Stock Exchanges both rose to above 6%, with GC001 rising by as much as 7% during the day.ECB board member Stournaras: According to the latest forecasts, inflation will approach the 2% target in a sustainable way starting from the second quarter of 2025.ECB board member Stournaras: If future data show that medium-term inflation is below target, the possibility of further interest rate cuts should not be ruled out.

Price Analysis: NZD/USD Symmetrical Triangle Indicates Decreasing Volatility, US NFP Awaited

Daniel Rogers

Feb 03, 2023 15:27

NZD:USD.png 

 

The NZD/USD pair is drifting sideways below the immediate resistance level of 0.6480 during the Asian session. The New Zealand dollar has traded sideways as investors await the publication of Caixin Services PMI and United States Nonfarm Payrolls (NFP) statistics for fresh impetus.

 

Weak earnings have broken the three-day winning streak of S&P500 futures, which are now displaying significant losses and a risk aversion trend. After a corrective dip, the US Dollar Index (DXY) is aiming to recapture Thursday's high above 101.55 as investors' risk appetite has reduced dramatically.

 

The NZD/USD pair is displaying a chart pattern known as a Symmetrical Triangle, which indicates a significant compression of volatility. The upward-sloping trendline of the chart pattern is taken from the low on January 19 at 0.6365, while the downward-sloping trendline is derived from the high on January 18 at 0.6531. The New Zealand asset saw a dramatic loss on Thursday after failing to find buying support following a breakout, which resulted in a fakeout that kept investors at unsustainable levels.

 

The Relative Strength Index (14) has moved from the bullish region of 60.00-80.00 to the neutral region of 40.00-60.00, indicating that a consolidation is imminent.

 

A decline below the January 31 low of 0.6412 will cause the New Zealand dollar to decline toward the January 17 low of 0.6366 and ultimately the January 12 low of 0.6300.

 

In contrast, for the asset to resume its upward trend, it must surpass Thursday's high of 0.6538, which would catapult it to June 3's high of 0.6576. A breach of this level will expose the asset to the 0.6600 level of resistance.


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