US markets are closed for Thanksgiving on Thursday, that's why the volatility falls. However, there are still some interesting movements!
NZD/USD: tipping out
2020-05-21 • Updated
Since the beginning of May, the NZD/USD has been moving within a larger channel within the support A-A' at 0.5924 and the resistance B-B' at 0.6150. Recently it appears to have completed the upswing A'-B' and is tipping out, bouncing down from the resistance of 0.6150. The question is whether it will make a local drop to test the support of the Moving Averages, all gathered below 0.6060, or it will go lower to visit the tactical and psychological support at 0.6000. If the latter takes place, very likely it will not stop until it comes down to complete the full cycle at 0.5924.
Support: 0.6060; 0.6000; 0.5924
The progress on the COVID-19 vaccines and hopes of a swift economic rebound next year added to the optimistic sentiment in the market.
World shares paused on Monday to assess a record-breaking month
Looking ahead, highlights from macroeconomic calendar include regional and national German CPIs, US Chicago PMI, OPEC meeting, ECB's Lagarde and BoE's Tenreyro speeches.