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2021-10-19 • Updated
The safe-haven US dollar experienced a strong sell-off on Tuesday and plunged to the three-week lows amid the risk-on market sentiment. As a result, the riskier New Zealand dollar skyrocketed and pushed the NZD/USD pair up to the resistance level of 0.7150. Actually, it’s quite a strong resistance level as it lies at the 61.8% Fibonacci retracement level and also the September peak. Thus, we might expect the pair will struggle to break it on the first try and may even correct down to the 200-day moving average of 0.7100. Nevertheless, if the pair manages to close above 0.7150, it can rocket to the 78.6% Fibo level at 0.7225.
Commerzbank, the German bank, foresees NZD/USD to rally to the 0.7462/0.7559 long-term pivot. It’s a long-term price target which the pair may reach in several months. Before that, it can have pullbacks, be ready for that.
First, follow the overall market sentiment. the NZD is perceived as a riskier currency and thus it tends to rise in times of upbeat market sentiment. Secondly, New Zealand has revealed its inflation figures on Monday, which were better than analysts expected. The high inflation, in turn, can force the Reserve Bank of New Zealand to start tightening the policy, which will push the NZD up.
Read our article about the most important news to trade on.
On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
The Turkish lira has been pressed by Turkey’s central bank (CBRT). Analysts believe USD/TRY will reach 10.00 by the year's end.
The rally of the US dollar has stopped for a while. That allowed risk-on assets (GBP, NZS, AUD, stocks) and also gold to recover some losses.
USD/TRY belongs to the exotic group of Forex currency pairs, that’s why traders don’t trade it regularly. However, these days this pair is in the focus of all the trading community!
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