U.S. equities rallied today, clearing the resistance level and putting in a new high close. Gold prices fell while oil and agricultural commodities rallied. The rally in ag prices pushed the New Zealand dollar to be the strongest currency for the day. Tonight, the RBNZ will be reporting the interest rate for New Zealand which is expected to rise 0.25%. A rise in interest rates should further push the New Zealand dollar higher.
The EUR/USD attempted a break lower but failed to close below the support level created yesterday. We are feeling very good about our exit and we are now watching for a bounce before we see another sell off on this pair.
(see EUR/USD below)
The NZD/CHF is rallying today on the bump in agricultural prices. We expect this bullishness to continue and reach the resistance trend line. We will look to short near 0.7900 and we will set the sell limit after we see price clear resistance near 0.7875.
(see NZD/CHF below)
The GBP/CHF pulled back slightly today, retesting the midpoint of yesterday’s candle as a short term support. We are still watching for price to close above 1.54 to tighten our stop and we still expect to see price reach our target.
(see GBP/CHF below)