The NZD/USD remains within eyesight of long term depths, but a slight reversal higher in trading today has given the Forex pair some short term positive vigor.

As of this writing the NZD/USD is trading near the 0.62260 mark, which is actually a successful reversal higher above the lower values seen before going into the weekend.  A ratio of nearly 0.61465 was seen on Friday, which tested values challenged in May of 2020. However, the NZD/USD has also been within the grasp of a rather steady and incremental bearish trend when looking at long term charts. A high of approximately 0.74765 was touched momentarily in February of 2021.

Technical traders would be right to say the direction of the NZD/USD hasn’t been a simple speculative road to take advantage.  While the price action has been downwards, it has been achieved with a fairly steady diet of choppy conditions. This underscores the necessity of making sure risk taking tactics when pursuing the NZD/USD are locked into place. And the rather choppy conditions as long term lows are being touched also raise the question about if and when the weak New Zealand dollar will begin to establish a real change of direction.

The adage the trend is your friend in Forex is apt and often true. The USD has proven a powerful source of energy the past eight months against many of the major currencies as it has generated buying because of the steady rise of interest rates from the U.S Federal Reserve. Traders may be asking if additional hikes from the U.S central bank have already been digested into the NZD/USD.

While the NZD/USD has gained some momentum today from short term reversals higher, it should also be remembered that U.S is on a full banking holiday today because of Independence Day celebrations.  The move higher this morning may not be facing as much resistance as usual because of the lack of U.S financial institutions being involved within Forex today.

If the lack of institutional trading proves to be the case, traders may have a chance to speculate on potential reversals lower developing again. If the NZD/USD reaches technical resistance seen on the 29^th and 30^th of June near the 0.62540 vicinity it may prove to be an interesting place to ignite selling wagers for those who believe downside price action is not finished.

Near term the NZD/USD should be monitored and treated carefully because of a lack of volume, which may be occurring due to the absence of the Americans.  Upon their return tomorrow, Tuesday could prove to be rather volatile and speculators are urged to make sure risk management is in place. While higher levels may be demonstrated short term, tomorrow’s price action and Wednesday’s will deliver real clues about existing sentiment.

NZD/USD Short-Term Outlook

Current Resistance: 0.62350

Current Support: 0.62003

High Target: 0.62609

Low Target: 0.61459

ETH/USD has been a large part of the crash within the cryptocurrency market and while current support puts up a fight, lower values may be awaiting speculators.

Unless you have crawled out of a cave this morning and have had no mobile telephone internet service, you likely know that ETH/USD has produced a rather disruptive and downward couple of days as its value has sunk.  Ethereum along with the broad cryptocurrency market has slid to long term lows and the bearish trend which has engulfed ETH/USD may not be over yet.

Speculators who dare to consider upwards reversals may exist, but the bigger question may be why? Yes, higher moves certainly still happen in ETH/USD, but wagering on upside momentum to generate while the present conditions near term stir may be like playing with fire.

For those interested in upside the current 1235.00 level although it is extremely close should be watched. If a move occurs which takes ETH/USD over this juncture and sustains the action, Ethereum could then certainly challenge slightly higher altitudes. However these climbs may not prove to hold and erosion of value may detonate at any moment leaving no floor.

Traders who are still active and want to continue wagering on further price movement lower cannot be blamed.  If a speculator can ignite a selling position using current resistance levels as a place to launch shorts this may prove an opportunity to participate in ETH/USD. However traders need to understand the market is extremely volatile, even if a trader claims to know this, it may be important to repeat this mantra as the day progresses. The use of risk management is essential.

If the 1200.00 level fails to hold back the downward tide again in the short term, traders may target nearby marks which have already been flirted with in the past hours.  ETH/USD did hit a low of nearly 1066.00 a handful of hours ago and speculators may want to aim for this target. However, traders are advised not to be overly ambitious under the present conditions. Choppy results are likely to be abundant and profits should be cashed in when they are achieved with successful moves.

Wagering on ETH/USD should be done with great amounts of care today. The cryptocurrency market has produced significant downward results, but always threatens to shake upwards for a while. Ethereum has experienced a whirlwind of declines and new lows may be seen in the near term.

Ethereum Short Term Outlook:

Current Resistance: 1235.00

Current Support: 1127.00

High Target: 1301.00

Low Target: 970.00

AVAX/USD remains in the lower depths of its long term price range, and hopes of a strong reversal higher appear diminished for the near term.

AVAX/USD achieved a high of nearly 25.0000 yesterday, but since reaching this level has seen its price incrementally move lower. Price action has not seen a great deal of volatility in the past couple of days, and this may actually prove to be a worrying sign for some speculators who suspect that current consolidation will not prove durable.

Early this week on the 6^th and 7^th of June AVAX/USD was able to flirt with the 26.0000 mark, but sustained trading over this juncture never was firmly established. The broad cryptocurrency market also staged a bit of a run higher at this time, but has also shown a tendency to stumble lower the past couple of days. Speculators who believe AVAX/USD is oversold and looked at this week’s early results as a signal value recovery could be underway, have probably had their hopes dashed.

The long term bearish trend remains solidly in place for AVAX/USD and its current value near 24.3500 is within sight of crucial support levels.  Early this morning’s low of nearly 23.7000 touched ratios seen on the 7^th of June, but they did not penetrate to the lowest depths seen on Tuesday. From a technical perspective AVAX/USD remains within a troubling range that seems intent on challenging prices from August of 2021. If the current price band were to fail the lows seen in the last week of May, only a week and a half ago, could easily be demonstrated again when the 21.3000 ratio was tested.

Speculators who want to continue pursuing downside momentum of AVAX/USD cannot be blamed. Perhaps it may be a wise decision to wait for some upside movement to technical resistance levels which are deemed durable, and then ignite selling positions while looking for Avalanche to slide lower. The broad cryptocurrency market remains fragile and a sudden burst of robust buying seems like wishful thinking in the near term.

If support near 24.1000 begins to look vulnerable and the 24.0000 mark falters, traders may believe AVAX/USD could test crucial support levels again.  The bearish trend of AVAX/USD should not be ignored, while it might be tempting to wager on upside momentum for quick hitting reversals and potential profits, it is the downside which continuously seems to be the testing ground for new results and better wagers.

Avalanche Short-Term Outlook

Current Resistance: 24.91000000

Current Support: 23.80000000

High Target: 27.73000000

Low Target: 21.91000000

DOGE/USD is a strong reflection of the broad cryptocurrency marketplace, and a good place to try and gauge speculative sentiment.

As of this writing Dogecoin is trading below 9 cents per coin.  Last week’s dramatic turn towards long term depths hit DOGE/USD like the entire broad cryptocurrency market. The trading results in Dogecoin should be examined not only by its speculators who enjoy pursuing wagers on its value, but by people who may find some information when considering the overall mood of the cryptocurrency world.

Intriguingly DOGE/USD has in technical regards seen some consolidated trading the past few days.  Dogecoin has largely traded between 8 and half cents and 9 and a quarter cents, this after falling below the 7 cents juncture on the 12^th of May briefly. On the 5^th of May DOGE/USD was trading slightly below the 14 cents ratio.

Interestingly while DOGE/USD has certainly lost value in the past week as the broad cryptocurrency market essentially saw values plummet, Dogecoin is now ranked as the 10^th biggest crypto coin regarding total market capitalization – a higher ranking than it started last week.  Many of its major counterparts in the digital asset world suffered last week and this included Shiba Inu, which saw its value get slaughtered. Dogecoin is ranked above SHIB/USD for the first time in a while, but this doesn’t necessarily mean good things will develop for DOGE/USD, just that it suffered less than its major speculative counterpart.

The broad cryptocurrency market remains nervous and DOGE/USD is trading within eyesight of a very important support juncture. While DOGE/USD did slide below the 7 and a quarter cents mark momentarily last week, it did manage to climb back above this ratio. However, if DOGE/USD were to break below 8 cents again in the near term and the 7 and a quarter cents level was challenged again, this could be a very negative signal.

If trading were to be sustained below the 7 and a quarter cents mark, there is reason to suspect DOGE/USD could suddenly find itself testing values seen in the first week of February 2021. DOGE/USD remains highly speculative. While some traders may be willing to bet Dogecoin has been oversold, skeptics may believe if the broad cryptocurrency market sells off again, DOGE/USD will test lower values in the near term. A move below 8 cents could set off alarm bells for Dogecoin traders; this because a lower move from current consolidation may spark more volatile selling.

Dogecoin Short Term Outlook:

Current Resistance: 0.09240000

Current Support: 0.08440000

High Target: 0.99930000

Low Target: 0.06950000

XRP/USD remains near important lows after touching a depth it had not traversed since January, as the price of Ripple struggles to create positive momentum.

XRP/USD is trading near the 62 and a quarter cents ratio as of this writing.  This past Saturday saw XRP/USD slip to a value below the 57 cents level, a mark that had not been seen since the last week of January. The broad cryptocurrency market remains in a bearish mode and Ripple has certainly been caught within the tide of negative sentiment.

XRP/USD traded near the 62 and half cents level on the 23^rd and 24^th of February. Traders need to understand the price range XRP/USD is now traversing hasn’t sincerely been fought over since the last week of January in a sustained manner. If XRP/USD is not able to climb higher near term and remains under the 62 and half cents juncture, this could create additional fragile behavioral sentiment among traders.

If support near the 62 cents mark proves vulnerable, traders cannot be blamed for targeting lower values with selling positions. XRP/USD proved this weekend that it is capable of moving fast and the spike lower on Saturday mirrored results seen in other major cryptocurrencies as fear grew. Some speculators may want to claim that profit taking was a cause for the sharp decline this weekend, but the downwards trend in XRP/USD and other major cryptocurrencies are testing vital support across the crypto landscape.  

The notion that XRP/USD has now completely fallen through levels which were believed to be important support as the digital asset created a bullish trend from late February until late March is a poor indicator. The total reemergence of bearish momentum and failure of support levels to hold back selling, signals further declines could be demonstrated near term. If the 62 cents level is brushed aside, aiming for support near 61 and half cents seems almost reasonable. Volatility may continue to be exhibited in XRP/USD and traders need to use their risk management carefully.

Traders who want to pursue higher momentum and believe reversals will be demonstrated should not be overly ambitious regarding their targets.  XRP/USD has seen a steady loss of value the past couple of weeks and its price velocity this weekend was fast. Some traders may believe the worst of the selling is over, but speculators who decide to wager on higher moves should remain cautious.

Ripple Short-Term Outlook

Current Resistance: 0.62820

Current Support: 0.61750

High Target: 0.64390

Low Target: 0.58550