The Kiwi remains range-bound

The New Zealand Dollar versus the US Dollar has stayed in a range between the 0.6500 as support and the 55 day exponential moving average (purple line), around the 0.6577 as resistance. Today was an up day for the pair but it still couldn’t break above the 55 day EMA, as shown on the daily chart. A breakout above the 55 day EMA could make the price gain some bullish momentum and its next resistance could be the 200 day EMA (blue line), around the 0.6800 level. To the downside, its first support below the 0.6500 level could be the 0.6428 level. Below the low at the 0.6428, its next support could be the 0.6236 level.

Gasoline: Consolidation on the weekly chart

The January gasoline contract on the weekly chart has been going sideways, coinciding with the current consolidation on crude oil. If during the next month the price breaks to the upside above the resistance around the 1.5040 level, then gasoline may try to go and visit its 55 week exponential moving average (purple line), around the 1.7461 level, which could act as its next resistance. Regardless of the current consolidation, the price keeps a slight bearish slope, therefore it could also try to break below the 1.2021 level. If it does break below the 1.2021 level, then the 1.1000 level may act as its next support.

Pivot Points, The turning levels of Price

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The GBP/JPY breaks below its bullish channel

The Pound versus the Yen was inside a well-formed bullish channel on the daily chart, but during the past two days it has broken below it and below the 200 day exponential moving average (blue line), around the 185.94 level. Even though the price corrects to the upside during today´s session, that could just be a retracement to continue falling. If the price continues falling, then the 184.00 could act as its next support. In case the price breaks above the 200 day exponential moving average, then its next resistance could be the 187.00.

Bullish pullback on corn

The corn contract for December has made a low around the 355.24 level from where it has been pulling back to the upside as seen on the daily chart. The current pullback could provide us with an opportunity to enter short, but the question now is up to what point the price may retrace. The stochastics are close to reaching the over-bought area. If the stochastics reach the over-bought zone at the same time that the price reaches the 200 day exponential moving average around the 379.89 level, we could wait for a bounce from there for a potential short entry. For now, we just have to wait for the price to continue retracing and break above the current 364.00 level.

The Kiwi finds a good resistance on the 55 day EMA

Since Thursday of last week, the NZD/USD reached the 55 day exponential moving average (purple line), around the 0.6582 where it has stalled and bounces back to the downside during today´s session. On the same daily chart we can see that the pair has actually stayed in a bearish channel and it is possible to see the price falling back down. To the downside, the 0.6428 could act as support, but if the price breaks above the upper trendline of the channel, then the 200 day exponential moving average, around the 0.6822 level could act as resistance.

Gold: It consolidates, but keeps its bearish trend

After making a low around the 1063 level, gold stalls its fall during the last two days and it is going sideways as we can see on the daily chart. The 55 day exponential moving average (purple line), around the 1122 level could act as a resistance in case the price retraces to the upside. However, fundamentally there are no reasons yet for gold to rally, unless the Dollar weakens or the risk aversion increases in the markets for any reason. The 1063 level could continue acting as support, but the probability of seeing a breakdown is high.