The NZD/USD pair fell slightly during the course of the session on Wednesday, as we continue to see quite a bit of volatility in this area. I still see the 0.65 level as support, but with the 0.66 level above is resistance.
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The NZD/CHF pair did very little during the course of the session on Wednesday, as we continue to find buyers just below. After all, the 0.65 level is a large, round, psychologically significant number, and with that it would of course attract a lot of traders.
The EUR/CHF pair initially fell during the course of the day on Wednesday, but turned back around to form a hammer yet again. This is the third session in a row that we have seen this, and as a result I believe that this market is essentially forming a “floor” at this level.
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The NZD/JPY pair fell during the session on Wednesday, as we continue to go back and forth in the same general vicinity. The 80 handle just below is massively supportive, as we have seen over the last several weeks.
Gold prices ended Wednesday's session down $3.30, to settle at $1086.29 an ounce as speculation that the U.S. Federal Reserve was on track to hike interest rates at its December policy meeting, unless the economic data deteriorates significantly, weighed on the market.
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The NZD/CAD pair went back and forth during the day on Tuesday as we continue to find support near the 0.8650 handle. This is a market that of course features a couple of commodity currencies, and with that we will have conflicting momentum in both directions.
The NZD/CHF pair did very little during the course of the session on Tuesday, as we continue to hover above the 0.65 handle. This is an area that has caused resistance and support recently, so having said that it makes sense that the market will simply sit here.
The EUR/CHF pair initially fell during the course of the day on Tuesday, as we meander just below the vital 1.08 level. This is an area that has been supportive and resistive both recently, and as a result it should continue to attract quite a bit of trading action.