Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
EURCAD
The EURCAD pair should pivot and drop to its support level in the coming session. The main reason for that is the rebound of crude prices which investors expect will gradually recover. Aside from that, the euro has also become weaker against other currencies. This also affects the confidence of EURCAD bulls in trading. The pair is technically still trading on a rather bullish tone. The 50-day moving average hovering above the 200-day moving average indicates this.
The euro has become undesirable for some investors along with the US dollar. This happened over concerns with the sheer damage brought by the virus to Europe. The focus has now shifted to the Canadian dollar, as it’s expected to get a boost from the crude market. Despite being bombarded with a slew of negative reports from its economic activities, investors of the Canadian dollar are hoping for further guidance following the massive supply cut from the OPEC+ nations over the weekend that would help stabilize crude soon.
NZDJPY
The New Zealand dollar has slightly lost its footing against the Japanese yen, resulting in consecutive slip-ups for the pair. Bearish investors should continue the momentum and push the pair downwards to its support in the coming sessions. The pair is expected to decline to its support level by late April. However, investors also believe that the pair would only bounce off from it because of the improving situation in New Zealand. Moreover, the NZDJPY pair remains on bearish territories as the 50-day moving average struggles to get back up over the 200-day moving average.
The New Zealand dollar’s recovery is expected to be slow. Especially considering, that the country’s tourism (one of is most crucial sectors) will have a difficult time bouncing back along with the whole economy. As for the Japanese yen, it’s seen performing well against most currencies in the recent sessions. This includes the New Zealand dollar.
USDHKD
Hong Kong’s robust and resilient economy has strengthened the Hong Kong dollar significantly against the US dollar. Since last March, any recovery attempts from the US dollar became futile as bearish investors keep the USDHKD pair grounded. If the US government unleashes more stimulus and if the earnings season actually flops, the beloved greenback could be in deeper trouble. The pair is expected to fall and reach its key support by late April. The pair is widely bearish as the 200-day moving average continues to advance above the 50-day moving average.
Hong Kong, one of Asia’s financial hubs, faced a number of challenges, last year, it dealt with the anti-Beijing protests, and now, it’s facing the pandemic. Hong Kong Commerce Secretary Edward Yau told reporters that the economy remains highly resilient. The recovery of the economy will be dependent on global trade and will be effective once the world recovers too.
USDSGD
The authorities of the country strictly protect the Singaporean dollar’s strength. This solidifies a bearish outlook for the USDSGD pair. Just recently, the Singaporean Deputy Prime Minister Heng Swee Keat said that the size of the country’s reserve is a matter of national security that they cannot disclose. The official said that the funds in the reserve serve as a strategic defense to protect the Singaporean dollar in the foreign exchange market. The non-disclosed figures serve as a barrier against speculative attacks and help buoy the confidence of investors for the currency.
Looking at the chart, the pair remains bullish as the 50-day moving average remains on top of the 200-day moving average. However, bearish traders are looking to turn things around as the Singaporean authorities work to support the SGD. Meanwhile, as the US earnings season kicks off, the buck should weaken as the true colors of the pandemic will show.
COMMENTS