Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
USDCNH
The Chinese yuan forces the pair to steady this Friday but evidently fails to take the momentum. This suggests that it does not have enough support to rally again against the US dollar. The unending saga of the trade war between the United States and mainland China has greatly caused the pair to fluctuate and change directions. Right now, following the threats of President Donald Trump of new sanctions and the recent news about imposing sanctions on some Chinese officials, the Chinese yuan is placed on the backfoot. The pair should continue to go up as the US dollar rise again and shows its dominance in the market. The diminishing hopes for a fast recovery for the global economy have caused the safe-haven appeal of the greenback to shine brighter in the market. However, it’s quite evident that it was not enough to push a strong rally for the US dollar to Chinese yuan trading pair in today’s sessions, hinting a gradual climb to its resistance area instead.
USDTRY
The US dollar to Turkish lira is back on green territories. The pair momentarily eased after bullish investors broke through its resistance line. As of writing, the USDTRY is seen steadying but it’s widely believed that the pair will continue to gradually go higher and higher as the US dollar gets stronger. Looking at it, the recent news about the United States Federal Reserve left both negative and positive hints for the beloved greenback. The loss of hope for an immediate comeback for the US economy and the global economy has bolstered the safe-haven attraction of the US dollar, Japanese yen, and Swiss franc. However, the recent commitment of the Federal Reserve to hold its rates low to support the economy counters that positive. Luckily for bullish investors, it’s not enough to force the pair lower. And as for the Turkish lira, despite the positivity in the reopening of Turkey’s economy, it still struggles to defend itself against the faltering greenback.
EURNZD
Once again, the euro slips against the New Zealand dollar. Fortunately for bullish investors, the tides are still in their favor as the pair is expected to continue its climb towards its resistance area. The euro to New Zealand dollar exchange rate should touch its resistance line this June, allowing the 50-day moving average to remain dominant over the 200-day moving average. However, the pair has a huge potential for a downside reversal as the single currency is said to be showing signs of exhaustion. Experts believe the relaxation of travel bans and other lockdown restrictions in Europe will give the euro strength as it finally gradually releases the pressure from the region’s economies. Right now, the main factor that’s causing the New Zealand dollar to buckle is the renewed appetite for safe-haven currencies which turned off the risk sentiment in the market. As of writing, the New Zealand dollar is still seen trying to defend its gains against the euro.
AUDNZD
The matchup between the Australian dollar and the New Zealand dollar is slowing down. Both of the antipodean currencies are weighed by the deterioration of the risk sentiment in the global market. However, based on the current status of both of their economies, the New Zealand dollar will most likely turn out dominant. The AUDNZD trading pair’s price should contract and reach its support level before the month of June ends. This should force the 50-day moving average lower towards the 200-day moving average, slowly shifting the momentum in favor of bearish investors. The New Zealand dollar’s rally may have slowed down this Friday, it’s believed that it’s just a setback for it. The risk sentiment in the global market took a dramatic turn after the Federal Reserve gave its first update since the pandemic started wreaking havoc. And just yesterday, President Donald Trump slammed the Fed for its subdued economic forecasts.
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