As we prognosticated on Monday, the New Zealand dollar has indeed begun to pick up steam on the upside, especially since bouncing off its 200 DMA. The inflation data released Monday afternoon helped the New Zealand dollar/U.S. dollar (NZD/USD) currency pair bulls. We believe the NZD/USD pair will continue its uptrend until the pair makes new highs for the year. We are also watching the Japanese yen/U.S. dollar (JPY/USD) currency pair, thinking that this pair could also start a sustained rally.
WTI crude oil futures have launched higher today on bullish supply data this week. We, again, note a reverse head and shoulders pattern on the weekly chart which we believe has suggested a move to $54. There is slight resistance at $52.
The S&P 500 futures are simply range-trading. 2145 may be slight resistance and 2125 may be support. We don't see any major opportunities in the S&P 500 currently.