EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/NZD rising inside minor impulse wave (iii)
2019-11-11 • Updated
- EUR/NZD rising inside minor impulse wave (iii)
- Next buy target - 1.7480
EUR/NZD continues to rise inside the minor impulse wave (iii), which started recently from the support zone lying between the pivotal support level 1.7200 (former resistance from July), 50-day moving average and 61.8% Fibonacci correction of the previous sharp upward impulse from July. EUR/NZD is expected to rise further toward the next buy target at the next resistance level 1.7480 (top of the previous impulse wave (i)).
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.