Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Extreme volatility of the NZD/JPY
Today started with extreme volatility for the New Zealand dollar against the Japanese yen. On the H1 chart of the NZD/JPY, the price made a steep drop from the 69.38 mark to the support level of 68.97 within several hours from 0:00 to 06:00 MT time. Then it reversed straight back and passed all the bullish thresholds, aiming at the resistance level of 69.61. If the rise continues, the further resistance levels may be set at 69.90 and the range of 69.98 – 70.02. Otherwise, the range of 69.31 – 69.35 and the level of 68.97 will be supporting the price from the downside.
The Reserve Bank of New Zealand will reveal the official cash rate, monetary policy statement, make a rate statement, and after that will answer questions in a press conference on February 23, 03:00 GMT+2.
The Federal Reserve (FOMC), US central bank, will publish its December meeting minutes on Wednesday, January 5, at 21:00 GMT+2 (MetaTrader time).
Mester (Fed) says the Fed will have to raise rates again this year. However, the US dollar index shows signs of a short-term decline. Read the full article and learn more!
Welcome to the first week of October! As usual, at the start of the week, we are looking for valuable insights that will bring us profits in trading. Let’s observe the main events.
Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?