Market updates on August 28

Market updates on August 28

  • The governor of the Reserve bank of New Zealand made some remarks on keeping the NZD weaker. As a result, NZD/USD inched lower to the 0.6334. The pair has been trading at the lowest level since 2015. If this level is broken, the next support will lie below the lower border of the descending channel at 0.6297. If the pair recovers, the first resistance level will lie at 0.6366. After the break of this level, the resistance at 0.6391 will be in focus.

NZDUSDH4.png

  • Brexit news continues to move the pound. Reportedly, the Queen will be asked to prorogue parliament. She is expected to make a speech on that matter on October 14. That means the opposition parties will have a little time to organize. GBP/USD plunged below the 1.2211 level on the news. The next support levels will lie at 1.2171 and 1.2147. From the upside, pay attention to the 1.2293 level, which will be broken in case of a reversal.

GBPUSDH4.png

  • After the slide towards the $1,532 level, the price of gold managed to restore its positions. It is currently moving towards the resistance at $1,544. If this level is broken, the retest of $1,555 will be possible. If the risk-on sentiment increases, the price will slide downwards to the support at $1,532. After the breakout, the price will fall as far as the $1,525 level will be reached.

XAUUSDH4.png

Similar

USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

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.

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