When looking for pairs to trade to benefit from today’s meeting of the European Central Bank, pay attention to EUR/NZD
Daily Market Analysis
CHF/JPY formed a “bullish engulfing” pattern on the W1.
The move above 1,496 and the psychological level of 1,500 will trigger a bullish scenario for XAU/USD.
The technical setup for GBP/USD allows expecting a rebound but it has to rise above the resistance first.
On Monday, AUD/CHF broke above the line connecting April and July highs at 0.6785 and managed to close the day above it.
Last week USD/CAD was rejected on the upside: the pair failed to settle above 1.3350.
The USD is going to be volatile on Friday, September 6, as America will release Nonfarm Payrolls data at 15:30 MT time.
Last week, EUR/NZD got rejected from the resistance at 1.7590 thus failing to reach new highs.
An attempt of EUR/GBP to break higher earlier this week has been rejected: the advance stopped at 0.9150.
Brent oil has been trading sideways in the 62.00/58.00 area since the beginning of August.
USD/TRY has formed a big “shooting star” candlestick on the W1 last week. A similar formation is visible on the D1.
The current risk aversion is encouraging the safe-haven demand for the JPY, while the weakness of the euro area’s economy is hurting the EUR.