The American inflation rate is announced on Tuesday at 15:30 MT. It’s an important event for traders as it will impact hugely currency pairs with the USD.
Market updates on August 29
US preliminary GDP – 15:30 MT (12:30 GMT) time
- After correcting to the 1-2235-1.2249 levels on H4, GBP/USD moved lower. The cable has tested the ground below the 50-period SMA at the 1.2194 level. If this level is broken, the next support in focus will be placed at 1.2171. In case of an upside movement, we will be looking for a retest of the 1.2213 level. After that, the retest of the levels placed between 1.2235 and 1.2249 will be in focus.
- EUR/USD has been trading between 1.1073 and 1.1086 levels. If the USD gets stronger on today’s release, the pair will slide below the 1.1073 level. The next support for the pair will be placed at 1.1065. The further downward movement will be limited by the lower border of a long-term symmetric triangle. On the other hand, bulls will pay attention to the 1.1086 level. If it is broken, the next resistance level will lie at 1.1095 (50-period SMA).
- USD/JPY is looking for a break of 50-period SMA and 106.22 level on the more risky sentiment. Buyers may focus on the next level at 106.4 if the current resistance is broken. The next key level will lie at 106.6. From the downside, the first support level will be placed at 105.82. The break of this level will make the pair vulnerable to a fall towards the 105.64-105.51 levels.
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
Coinbase Global Inc., the leading cryptocurrency exchange in the US, will go public on the Nasdaq index on April 14!
Today traders await the US inflation data to be out at 15:30 MT. Jump in to get fresh trade ideas for today!