The NZD/USD pair clings to Wednesday’s gains near 0.5950 during the Asian trading session on Thursday. The Kiwi pair shows strength as the US Dollar’s (USD) rally hits a pause, with the US Dollar Index (DXY) struggling to extend gains above the fresh three-month high of 99.68 posted on Tuesday.

The (AUDUSD) price settles on gains in its last intraday trading, supported by the emergence of positive signals from relative strength indicators, reaching EMA50’s resistance, which decelerates extending its gains amid the dominance of bearish corrective wave on short-term basis, which threatens any recovery attempts on near-term basis.

The (USDCAD) price declined in its last intraday trading, leaning on our previously suggested target at 1.3630 key support, to break bullish corrective trend line on short-term basis, intensifying the negative pressure due to its trading below EMA50, with the emergence of negative signals from relative strength indicators, after offloading its oversold conditions, opening the way for recording new downside moves.

The retest of support at the 1.3287 weekly low of 9 December and congestion around 1.3300 is giving way to a bounce to 1.3365, where mixed intraday st

The (USDJPY) continued moving lower in its last intraday trading, in attempt to look for higher low to take it as a base that might help it to gain the required bullish momentum for its recovery, amid the trading within bullish corrective channel that limits its trading on short-term basis, with the continuation of the dynamic support that is represented by its trading above EMA50, reinforcing the chances of near-term recovery.

GBPUSD witnessed fluctuating trading on its last intraday levels, amid its attempts to retest the key resistance at 1.3365, with the dominance of the main bearish trend on short-term basis, with its trading alongside supportive trend line for this path, with the continuation of the negative pressure due to its trading below EMA50, accompanied by the beginning of forming negative divergence on relative strength indicators, after reaching exaggerated overbought levels compared to the price move, intensifying the negative pressure on the price.

The short-term Elliott Wave outlook for EURUSD indicates that the rally to 1.2083 on January 27 marked the completion of wave (1). Following this peak, the pair entered a corrective phase in wave (2), which unfolded as a double three structure.

Markets are gearing up for the March NFP release, and yet, focus ahead of the meeting is largely focused on the situation in the Middle East. Read more here…

NFP Preview: Geopolitical and oil-inflation risks test the Fed. DXY, Dow Jones implications.

The US dollar has surged this week, bringing the psychologically important 100 level on the US Dollar Index (DXY) back into focus. A positioning extreme in futures markets had already hinted that a sharp move could unfold, and geopolitics appears to have provided the catalyst. While the broader …