Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
NZD/CAD reached sell target 0.9220
2021-11-11 • Updated
- NZD/CAD reached sell target 0.9220
- Next sell target - 0.9080
NZD/CAD continues to fall after the earlier breakout of the major, multi-month support level 0.9220 (which was set as the sell target in our earlier forecast for this currency pair). This support level earlier reversed up the sharp impulse wave A at the start of January, as can be seen from the daily NZD/CAD chart below. The breakout of this support level accelerated the active minor impulse wave (iii), which belongs to the C-wave from February.
NZD/CAD is expected to fall further to the next sell target at the support level 0.9080 (monthly low from last September).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.