Gold exceeded $2.000 per ounce. Stock futures rose on Wednesday as investors awaited further updates on stimulus talks.
NZD/USD will move on the Fed’s meeting
SELL 0.6515; TP1 0.6496; TP2 0.6470; SL 0.6535
The New Zealand currency is not feeling very well on Wednesday as investors have obviously decided to take profit. NZD/USD met resistance around 0.6565 (61.8% Fibonacci of the July-October decline, top of the October-December bullish channel). The pair is now testing levels below the 200-day MA (0.6535). The line itself has a bearish bias. The meeting of the Federal Reserve will increase volatility. A decline below 0.6520 (50-period MA on the H4) will open the way down to 0.6496 (50% Fibonacci) and 0.6475/65 (100-period MA, November high). The ultimate support is at 0.6427 (support line). As for resistance, above 0.6565 it lies at 0.6585 (50-week MA, the long-term downtrend resistance line). This area will likely limit the upside if the USD gets in trouble.
The pair was falling down amid the waning US dollar. However, the situation changed this month.
Dollar continues to keep firmer on the day, all eyes on the US jobs report later.
Asian equity markets failed to sustain the positive tone from Wall Street where all major indices notched gains as technology sector outperformed for another day.