Today the USD lost territory apparently because the markets are considering that any FED movement won't happen but after March; POTUS and his speech continues fueling uncertainty on the real long-term consequences of his very “unique” approach to US fundamentals.
NZD/USD triple-top in the 4H chart showing solidity plus the overall direction and its strength (both close to neutrality now) at no-men’s land could be ruling out any further gains in this pair.
This is gradually boosted by minor timeframes techs building bearish momentum.
This was caused because the speech of the RBNZ was –along with recent RBA one- dovish on the future.
But still, and purely tech-biased, Daily and Monthly are still bullish. Any bullish position now needs to preserve initial stop-losses or in any case moved at triple-top lowest line. We need to still keep an eye on last weekly descending-channel broken to the upside during two weeks; for the bulls in this pair, these are the bullish fingerprints this time.
Today, the overall USD sentiment was bullish as a continuation of latest hype on the tax-reform that POTUS will present in the next future.
What also helped the USD bullish sentiment is the expected good outcome of this weekend’s meeting between POTUS and Japan’s Prime Minister.
One exception was the USD/RUB: USD lost 1.25% against the RUB. The possible reason for this is that markets might be foreseeing a reduction in the sanctions grip on Russia in the near future.
The no-brainer direction in this pair is still to the downside ruled by a descending-channel in the Daily chart.
The likelihood of this pair moving upside is thin but we shouldn’t rule out the sentiment of obvious oversold condition since the markets are feeling they might have anticipated correctly a release of the sanctions on Russia.
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