ONLINE FOREX BROKER
2020-06-17 • Updated
The fresh data from New Zealand and Australia will be released tomorrow morning! Follow up!
On June 18 New Zealand will report its quarter-to-quarter GDP at 1:45 MT time. Later at 4:30 MT time Australia will reveal the employment change.
GDP is the broadest measure of economic activity and the primary gauge of the economy's health. Also, the unemployment rate is not less important as it shows how fast the economy is recovering from the coronavirus damage. These days the market is really volatile and hugely depends on the overall sentiment, which changes almost every day. It’s significant to watch these events closely to catch the right impulse in time.
If the data is better than expected and it overweighs risk-off factors, AUD and NZD will gain.
There are several risk-off factors that can prevent AUD and NZD from rising, even if their reports are positive. The first one is the pessimistic outlook of the Fed’s Chairman Jerome Powell for the global economic recovery. He emphasized during his speech that the economy is still well below pre-crisis levels, even if there are some improvements. The US May jobs report and retail sales were better than expected. However the Fed’s chairman stays cautious. That’s why investors are concerned too. Moreover, the new coronavirus outbreak in China and resurgence of infections in Florida add more worries. Now it’s a good idea to check global coronavirus numbers. If demand for risk resumes, USD will fall and it will be enough to push AUD and NZD upward.
AUD/USD has set a strong bullish trend and has never crossed the support line. It’s headed towards the resistance at 0.7020 – the high of June 8. The move below 0.6850 may push the price lower to the next support at 200-day moving average at 0.6650.
NZD/USD is moving up to the resistance level at 0.6560. If the price falls below 0.6430, it may drop even deeper to the next support at 0.632 where is the 200-day moving average. Check out tomorrow the data from New Zealand and Australia!
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
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