ONLINE FOREX BROKER
2022-12-16 • Updated
NZD/USD may be on the verge of breaking to lower levels. The pair formed a doji candlestick with a long upper shadow on the D1 - this is a bearish sign. The declining 50-day MA is capping the prices at 0.6110. On the H4, we see that the price has made a lower high. The oscillators are declining, so the pressure on the support line connecting April lows will likely intensify. The fall below the last week’s minimum of 0.5920 will open the way down to 0.5875 and 0.5800 (38.2% and 50% Fibonacci of the March-April advance). Recoveries will meet resistance in the 0.6040/70 area.
SELL 0.5915; TP1 0.5875; TP2 0.5800; SL 0.5930
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.
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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?
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