RBNZ: REFILE: Annual Report Reiterates Idea That There Is More To Do
In the RBNZ's annual report Governor Adrian Orr reiterates the idea that "there is more work to do. Increasing the OCR is the most effective way we can reduce inflation and support maximum sustainable employment over the coming years, consistent with our monetary policy Remit. That is one of our key roles as a central bank and the best thing we can do for the long term economic wellbeing of all New Zealanders."
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USDCAD TECHS: Fails To Hold On To This Week’s Highs
- RES 4: 1.3369 2.0% 10-dma envelope
- RES 3: 1.3300 High Nov 4 2020
- RES 2: 1.3224 High Jul 14 and key resistance
- RES 1: 1.3105/3209 Intraday high High Sep 8
- PRICE: 1.3046 @ 16:19 BST Sep 9
- SUP 1: 1.2960 50-day EMA
- SUP 2: 1.2895 Low Aug 25 and key near-term support
- SUP 3: 1.2828 Low Aug 17
- SUP 4: 1.2770 Low Aug 15
A USDCAD bullish theme remains intact, however, the pair has failed to hold on to this week’s highs and this has resulted in a corrective pullback. Price has traded below the 20-day EMA and attention turns to support at 1.2960, the 50-day EMA. A break of this average would suggest scope for a deeper pullback. A resumption of gains would refocus attention on key resistance at 1.3324, the Jul 14 high and bull trigger.
AUDUSD TECHS: Gains Considered Corrective
- RES 4: 0.7040 High Aug 16
- RES 3: 0.7009 High Aug 26 and a key short-term resistance
- RES 2: 0.6913 50-day EMA
- RES 1: 0.6857 20-day EMA
- PRICE: 0.6843 @ 16:17 BST Sep 9
- SUP 1: 0.6699 Low Sep 7
- SUP 2: 0.6682 Low Jul 14 and the bear trigger
- SUP 3: 0.6647 0.764 proj of the Apr 5 - May 12 - Jun 3 price swing
- SUP 4: 0.6612 Low May 29
A bearish theme in AUDUSD remains intact and short-term gains are considered corrective. The continuation lower, earlier this week, strengthens bearish conditions and confirmed a resumption of the bear leg that started Aug 11. Attention is on 0.6682, the Jul 14 low and a key support plus an important bear trigger. A break would confirm a resumption of the broader downtrend. Initial firm resistance to watch is at 0.6857, the 20-day EMA.
EURJPY TECHS: Bullish Outlook
- RES 4: 146.23 2.236 proj of the Aug 2- 10 - 16 price swing
- RES 3: 145.48 High Jan 1 2015
- RES 2: 145.00 Psychological round number
- RES 1: 144.72 Intraday high
- PRICE: 143.16 @ 16:15 BST Sep 9
- SUP 1: 142.32/141.37 High Jul 21 / Low Sep 7
- SUP 2: 139.56 Low Sep 6
- SUP 3: 138.71 50-day EMA
- SUP 4: 137.03 Low Aug 29
EURJPY held on to the bulk of the week’s gains into the Friday close. The recent impulsive climb reinforces current bullish conditions and maintains a positive price sequence of higher highs and higher lows. The cross has cleared resistance at 142.32, the Jul 21 high. Note that price has pierced 144.28, the Jun 28 high and a major resistance. A clear break would confirm a resumption of the broader uptrend. Initial support is seen at 142.32, the Jul 21 high.
