
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Welcome to the new week! The Asian trading session demonstrated slow action today. The main attention of traders is paid to the news concerning the US-China developments ahead of the US tariffs deadline scheduled on December 15. Let’s wait for further updates for that matter and check the key levels for the pairs.
GBP/USD has been trading at the highest levels since May. The bull’s optimism was boosted by the extension of the Conservative Party’s lead in the most recent UK election poll. GBP/USD has been knocking the resistance at 1.3170 on H4. If this level is broken, the next key level will lie at 1.3197 and 1.3220. From the downside, the support levels will be placed at 1.3125 and 1.31.
Last week was very bullish for NZD/USD, as the pair has risen to its July highs. On the daily chart, the kiwi broke the 200-day MA on Friday. Now we can see that the pair is facing a correction. On H4, the pair has slid lower to the 0.6540 level. We can see, that the price is trading within the ascending trading channel, that is why traders may open positions on the pullbacks from its lower border. The RSI oscillator is looking down, and MACD formed a lower high, which are bearish signals. In case of a breakout of 0.6540, bears need to pay attention to the 0.6520 level. From the upside, the retest of the 0.6574 level will be attractive for bulls.
The Canadian dollar weakened against the USD on Friday after a greater-than-expected American job data. That is why it is not a surprise that the pair has started to consolidate today after the increased Friday’s volatility. On H4, the pair has been trading right below the crossover of 50- and 100- period MAs. The key levels for bulls lie at 1.3262 and 1.3282. The downward momentum is limited by the 1.3250 and 1.3235 levels.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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