Fed Unleashes New Stimulus, OPEC+ Plans Disappoint

Equities Gain on New Fed Measures, Oil Slides on OPEC+ Decision

The dollar continued trading lower against the other G10 currencies on Thursday and during the Asian morning Friday. It lost the most ground versus AUD, SEK, NZD, CHF and EUR in that order, while it underperformed the least against NOK and CAD.

NZD/USD — Technical Outlook

Yesterday, NZD/USD managed to climb above the 0.6069 barrier, which is the high of March 27 th, and also to overcome the 200 EMA on the 4-hour chart. At the same time, the pair continues to balance above its short-term upside support line drawn from the low of April 6 th. From the very short-term perspective, the rate could continue drifting higher, however, let’s not forget that the upside might get limited near a medium-term tentative downside line taken from the high of December 31 st.

WTI Oil — Technical Outlook

WTI oil moved lower yesterday, after the OPEC+ meeting. The commodity initially jumped higher, but was held by the 28.06 barrier, which continues to provide decent resistance from around mid-March. The price then slid and is now sitting slightly below the 20-day SMA of the Bollinger Bands, which could be seen as a bearish indication. That said, for now we will take a neutral stance and wait for a clear break through one of our highlighted areas, in order to consider a further directional move.

As for Today’s Events

Today is Good Friday in most nations under our radar and thus, the respective markets will be closed.

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JFD is a leading Group of Companies offering financial and investment services and activities.