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NZD/USD is looking for a clear direction in the short-term, as the technical indicators are showing a neutral stance. Also, the price action is trapped in a tight range around the 200 SMA, but we can expect a dynamic support over there, in order to extend gains above the highs from May 22 and eventually we might see a rally towards the Fibonacci level of -23.6% at 0.7001. However, a breakout below the lows from May 23 should expose the 0.6848 level.
RSI indicator remains in the negative territory.
European shares fell on Monday as rising COVID-19 infection rates in Europe prompted renewed lockdown measures in some countries, casting doubt over the economic recovery, with a lack of U.S. stimulus also weighing on sentiment.
Asian equity markets were subdued, and US equity futures traded choppy after last Friday’s losses on Wall Street.
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
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