By Orbex
NZDUSD consolidates gains
The New Zealand dollar inched higher supported by roaring commodity prices. A break above the daily resistance at 0.6890 has put the kiwi back on track in the medium term.
A bullish MA cross on the daily chart suggests an acceleration to the upside. As sentiment improves, the bulls may see the current consolidation as an opportunity to accumulate.
A close above 0.6920 would extend the rally to 0.7050. 0.6800 is the first support and 0.6730 over the 30-day moving average a key demand zone.
XAGUSD seeks support
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Silver consolidates amid ongoing geopolitical instability. A bearish RSI divergence suggests a deceleration in the rally.
A tentative break below 25.40 has prompted some buyers to take profit. While sentiment remains optimistic, a correction might be necessary for the bulls to take a breather.
The psychological level of 25.00 is a major demand zone. Its breach could send the precious metal to 24.30 which sits on the 30-day moving average. A rally above 26.90 could propel the price to last May’s highs around 28.50.
US 30 struggles for buyers
The Dow Jones 30 turned south after talks between Russia and Ukraine stalled again. A rebound above 34000 has provided some relief.
Nonetheless, enthusiasm could be short-lived after the index gave up all recent gains. The prospect of a bear market looms if this turns out to be a dead cat bounce. A fall below 32300 could trigger another round of liquidation and push the Dow to a 12-month low at 30800.
On the upside, 33500 is the first resistance. The bulls will need to lift offers around 34100 before they could attract more followers.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- Fast fashion may seem cheap, but it’s taking a costly toll on the planet − and on millions of young customers Nov 25, 2024
- “Trump trades” and geopolitics are the key factors driving market activity Nov 25, 2024
- EUR/USD Amid Slowing European Economy Nov 25, 2024
- COT Metals Charts: Weekly Speculator Changes led by Platinum Nov 23, 2024
- COT Bonds Charts: Speculator Bets led lower by 5-Year & 10-Year Bonds Nov 23, 2024
- COT Soft Commodities Charts: Speculator Bets led lower by Soybean Oil, Soybean Meal & Cotton Nov 23, 2024
- COT Stock Market Charts: Speculator Changes led by S&P500 & Nasdaq Minis Nov 23, 2024
- Bitcoin price is approaching 100,000. Natural gas prices rise due to declining inventories and cold weather Nov 22, 2024
- USD/JPY Awaits Potential Stimulus Impact Nov 22, 2024
- RBNZ may cut the rate by 0.75% next week. NVDA report did not meet investors’ expectations Nov 21, 2024
