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.
Market updates on November 26
- The euro is in the sideways movement currently. On the H1 chart of EURUSD, the support level of 1.1004 formed on Monday has been approached this morning. However, the Parabolic SAR indicates there is a potential for the upwards move. In this case, the resistance levels of 1.1020 and 1.1029 may be placed for the bulls. An additional support level may be located at 1.0988 for the bearish scenario.
- The US dollar shows a potential for a decline against the Japanese yen. On the H1 chart of USDJPY, the Parabolic SAR is indicating a recently started bearish trend. The RSI has crossed the 70% upside-down at the same moment when the price bounced down from the upper line of the Bollinger Band. If the bearish move continues, it will have the support levels of 108.91 and 108.84 on its way. Otherwise, the resistance levels may be placed at 108.99 and 109.08
- NZDCAD has been trading at the resistance level of 0.8547, reached this morning. The Stochastic Indicator shows the fast line crossing the slow one upside-down within the overbought zone. This means the price is very likely to continue dropping. For this scenario, the support levels of 0.8526 and 0.8510 may be placed. For the bulls, an additional resistance level may be located at 0.8563.
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
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.
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.