The NZD/USD is trading within sight of the 0.62670 level, remaining under the key 0.62700 ratio as of this writing.  On the 22^nd of July the NZD/USD currency pair did jump above the 0.63000 briefly, but then started to reverse lower before going into last weekend. As this week began the NZD/USD actually fell to a depth of approximately 0.62148 on Monday. However, yesterday’s anticipated U.S Federal Reserve interest rate delivered plenty of volatility as suspected.

Sharp low and then a Significant Burst Higher Produced Late Yesterday for the NZD/USD

In swift and speculative trading conditions yesterday the NZD/USD traded below the 0.62000 juncture momentarily, but then exploded higher and touched the 0.62700 mark in a blaze of volatile results.  Eventually the NZD/USD traded at a high of nearly 0.62775 before moving lower. This occurred as the U.S Federal Reserve made their interest rate hike of 0.75% to 2.50% official. The NZD/USD sudden test of its higher short term range developed as financial institutions started to digest new pronouncements from the U.S central bank regarding outlook.

• Technically intriguing is the notion yesterday’s burst higher did not topple last Friday’s high for the NZD/USD.
• The remainder of this week for the NZD/USD will likely prove fast and produce choppy conditions as outlook is acted upon.

Technically the NZD/USD offers a keen opportunity for wagers. Traders who have suffered from the nagging feeling the New Zealand dollar has been vastly undervalued in recent months against the USD may feel it is time to start wagering on additional upside price action. The long term bearish trend of the NZD/USD has exhibited immense strength. Could now be the time when the NZD/USD starts to reverse legitimately upwards?

Resistance Levels need to be Monitored and Show they are Durable in the NZD/USD

Speculative bullish positions may prove alluring and a worthwhile wager in the near term.  However the results of the NZD/USD the past nine months are a stern reminder the bearish trend of the currency pair has produced downward action consistently. The NZD/USD was trading near 0.72100 in the last week of October 2021. And then the U.S Federal Reserve stepped in with its series of interest rate hikes.

If the NZD/USD steps above the 0.62700 level soon and begins to sustain upwards momentum, bullish speculators may become ambitious and believe the 0.62725 to 0.62750 will become an easy get. However, few things ever prove easy when participating in Forex for retail traders, risk management will be essential and stop loss order and use of conservative leverage is urged. Traders buying the NZD/USD and looking for upside price action cannot be blamed, but realistic targets are essential to cash out profits when they are made. Using lower support levels which look durable and igniting buying positions could prove the best tactic for speculative buying wagers.

NZD/USD Short-Term Outlook

Current Resistance: 0.62700

Current Support: 0.62604

High Target: 0.62850

Low Target: 0.62540

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The USD/JPY spiked higher yesterday as financial institutions seemingly got the message the Japanese government doesn’t intend on changing its monetary policy anytime soon.

As of this morning the USD/JPY is trading above the 132.900 mark, which is a height not seen since April of 2022. In January of 2002 the USD/JPY traded at nearly 134.750 momentarily, so the current values of the Forex pair while breathtaking have been seen before. Financial institutions reacted quickly yesterday when the USD/JPY broke the 131.350 price which was seen as important resistance.

Technical traders who are trying to calculate current resistance levels have a choice of looking at twenty year old charts or picking psychological numbers they feel are appropriate.  While a rise above the 133.000 mark at the beginning of 2022 may have seemed farfetched, the reaction to the Bank of Japan’s decision to keep their current interest rate policy in place as the U.S Federal Reserve raises its rates is obviously having an effect on the USD/JPY.

Day traders need to be cautious. The USD/JPY can move extremely fast and certainly we are seeing values not traded in twenty years. However, the USD/JPY could continue to incrementally test new highs in the coming days as financial institutions try to find what they believe is a justified equilibrium for the pair.

Before traders say there is no way the USD/JPY can go much higher, they should keep in mind the values seen in January of 2002 near the 134.00 vicinity. Additionally they may want to consider the USD/JPY was trading near 144.000 in August of 1998.

Intriguingly the difference between short term speculators and long term investors may start to become rather dramatic in the coming weeks and months. While financial institutions try to take advantage of the difference in the higher U.S interest rate compared to Japan’s for the moment, there is a likelihood that at some point the loss of value in the Japanese Yen will curtail. The Japanese Yen remains an extremely vital currency in world trade and at some point it will gain value against the USD. The question is when this will happen and it may not occur near term.

Short term traders who are brave enough to try and pursue the upwards movement of the USD/JPY are urged to be cautious.  The ability of the Forex pair to act in lightning bolt moves is legendary. However, for the moment the Bank of Japan seems intent on letting the USD/JPY to continue traversing upwards. A move towards the 133.500 juncture in the near term would not be as surprising as some may think. Tactics such stop loss, take profit and entry price orders are urged for anyone trading the USD/JPY under the present market conditions.

USD/JPY Short-Term Outlook

Current Resistance: 133.090

Current Support: 132.430

High Target: 133.510

Low Target: 131.440

DOGE/USD has delivered what speculators crave, a raw amount of volatility and the opportunity to make money quickly, which can also lead to costly losses.

DOGE/USD is traversing above 14 cents as of this writing, but its price action the past couple of days has been rather intriguing.  As the broad cryptocurrency market has seen a vast sea of nervous sentiment arise again, DOGE/USD actually produced a high above 17 cents on the 25^th of April, which challenged values not seen since the first week of this month. It should also be noted that on the 7^th of February highs around 17 cents were also experienced.

However, the move upwards a couple of days ago and a near retest of the high yesterday, has now been met with a rather swift reversal downwards.  DOGE/USD has produced a solid amount of volatility, and its ability to swing two to three cents in a single day of trading remains an attractive calling card for speculators who crave price changes. The thrill of making money though must be weighed, against the stark consideration that money can be lost.

DOGE/USD remains a volatile cryptocurrency, and its results the past couple of days showcase its ability to deliver ‘outlandish’ results even as the broad digital market may in fact be trending in another manner.  Yet, DOGE/USD doesn’t exist outside the halls of the cryptocurrency world and it is impacted by nervous sentiment just like all other major cryptocurrencies. Its sudden downturn yesterday has now positioned Dogecoin close to important support levels like other major cryptocurrencies.

If the 14 cents level is not able to prove durable and is broken lower, this could set off another wave of nervous selling within DOGE/USD.  Highlighting this possibility for sudden gyrations is the fact, that DOGE/USD was trading only slightly above 12 and a quarter cents on the 25^th of April before it surged to 17 cents. DOGE/USD saw a massive amount of speculative buying on Monday, and traders need to understand this is part of the Dogecoin landscape.

The broad cryptocurrency market continues to signal nervousness in early trading this morning with important support levels plainly in sight. Short term traders may be tempted to actually sell DOGE/USD on slight moves higher and look for reversals lower which test current support levels. If DOGE/USD breaks below the 14 cents juncture short term, it could produce a test of the 13 cents ratio rather quickly. As always traders are advised to be cautious with the amount of leverage they use while wagering on DOGE/USD.

Dogecoin Short-Term Outlook

Current Resistance: 0.14660000

Current Support: 0.13710000

High Target: 0.15570000

Low Target: 0.12410000

XRP/USD has demonstrated a sharp move lower in early trading as a nervous weekend of trading has continued into Monday morning.

As of this writing, Ripple is trading within sight of the 68 cents level, but only a few hours ago XRP/USD was trading near the 70 cents mark.  On the 21^st of April XRP/USD was trading near the 76 cents juncture, and the trend downward which has been in effect since the 28^th of March in Ripple has not shown much ability to reverse higher. On the 28^th of March it should be noted that XRP/USD was trading above the 90 cents ratio.

This morning’s spike lower touched the 67 cents mark and this value had not been traded seen since the last week of February.  XRP/USD was able to display an upwards trend for a few weeks in March, but sentiment has clearly shifted once again and nervous selling has taken control. The question for speculators in the short term is whether the rather exuberant amount of selling is about to end or if additional depths will be seen.

Technical traders will need to look at mid-term charts to gather a proper perspective regarding potential support levels. Certainly day traders who want to pursue reversals higher can wager on this type of momentum developing, but the trend for nearly four weeks has shown that bearish momentum is still in control of the cryptocurrency market. If XRP/USD begins to test depths below 67 cents, and the 66 and 65 cents marks are approached, trading could become more volatile near term.  

The fact that Ripple is now within plain sight of values not tested since February is a poor signal. XRP/USD may be acting as an early indicator within the cryptocurrency market, Ripple is a utilitarian digital asset used in the banking payments sector. The notion that XRP/USD started rising in price slightly before many of its major crypto counterparts in early March, and has now stumbled to problematic lows not seen since February may be a negative sign for things to come.

Sellers of XRP/USD cannot be faulted for believing a speculative wager on more downside may prove to be worthwhile. Cautious traders may want to wait for slight moves higher to initiate their selling positions,while betting on a downturn to develop and continue what has proven to be a rather solid bearish trend. If XRP/USD cannot sustain the 0.67650 level today and shows more vulnerability, it is not unreasonable to suspect Ripple could fall below 67 cents again sooner rather than later.

Ripple Short-Term Outlook

Current Resistance: 0.68150

Current Support: 0.67210

High Target: 0.70100

Low Target: 0.64950