About meMarcHavFX.com is an analysis and trading service for Forex markets. We rely heavily on Technical Analysis with focus on, but not limited to, Andrew’s Pitch Forks, Fibonacci levels, Trendlines, Support/Resistance levels, Slope Analysis and RSI triggers.
$DXY could still have a tag and / or close above 97.87 (61.8% Fib from entire July 2001 - March 2008 move down). Do think the time is very near for a substantial drop. Trump pressing Fed, Trillions of $ in debt, can't end well.
Price is testing the 78.6% Fib (Kiwi LOVES that Fib level) from the Aug '15 low to the July '17 high for the second time. If this level holds then we could see prices recover to 0.75 and higher.
Fed signalling one to two rate cuts in 2019 might keep the RBNZ on hold this year.
With the Fed signalling at least one and maybe two rate cuts in 2019 the RBA will probably not feel the need to cut more.
Next RBA meeting is on 2 July 2019, the situation will become clear then.
For now, definitely worth a good shot on the long side as long as there is close above 0.6860.
The 1.5771 level has been an important pivot for over a year. We have seen a convincing breakout above that level in December 2018, we are now seeing a re-test of this level (which is also a 61.8% Fib retracement level (1.5808 (close enough)) from that latest move up).
Immediate levels on the upside in the next few weeks/months are: