NZD, one of many strongest currencies final week, is seeing a pullback in opposition to the U.S. greenback!
Are we taking a look at a retracement commerce alternative over right here?
Earlier than transferring on, ICYMI, I’ve listed the potential financial catalysts that it is advisable to be careful for this week. Test them out earlier than you place your first trades right this moment!
And now for the headlines that rocked the markets within the final buying and selling periods:
Recent Market Headlines & Financial Information:
China Evergrande Group dropped as a lot as 24% after the property developer not solely postponed a scheduled debt restructuring assembly but in addition revealed its incapability to subject new notes underneath its present debt restructuring plan
BOJ Gov. Ueda hinted that they’re taking a look at sturdy wages and consumption fairly than value pressures from rising import prices for clues on their financial coverage outlook
IfO German enterprise local weather index dipped barely from 85.8 to 85.7; “The German economic system seems to have bottomed out”
Value Motion Information
Overlay of CHF Pairs 15-min Chart
Foreign money worth motion was comparatively tight right this moment because of a scarcity of recent market catalysts.
The Swiss franc noticed a extra uniform worth motion, nonetheless, when the protected haven dropped throughout the board at the beginning of London session buying and selling.
One attainable purpose for the weak spot is the SNB shocking the markets with a price hike pause final week when merchants had penciled in a price hike. The much less hawkish occasion could also be steering right this moment’s European session merchants to different belongings.
CHF is seeing essentially the most losses in opposition to CAD, NZD, and USD however remains to be up in opposition to AUD as of writing.
U.Okay.’s CBI realized gross sales at 10:00 am GMT
ECB President Lagarde to share testimony in Brussels at 1:00 pm GMT
FOMC member Kashkari to offer a speech at 10:00 pm GMT
Japan’s service supplier worth index at 11:50 pm GMT
BOJ’s core CPI (y/y) at 5:00 am GMT (Sept 26)
Use our new Foreign money Warmth Map to rapidly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️
NZD/USD 15-min Foreign exchange Chart by TV
In the event you’ve learn the most recent FX Weekly Recap, then you definitely’ll know that the New Zealand greenback was one of many strongest currencies final week.
However NZD/USD has since seen a pullback. The pair is buying and selling nearer to the .5950 space after getting rejected at just below the .6000 mark.
Can NZD/USD reclaim the .6000 space?
As you possibly can see, NZD/USD’s costs are usually not too removed from a resistance zone from the earlier weeks. This time round, the 200 SMA may additionally be conserving some NZD bears from pouncing.
We don’t have a ton of top-tier stories scheduled within the subsequent buying and selling periods, which implies that danger sentiment will probably issue within the main currencies’ worth motion.
An extension of final week’s themes may push NZD/USD again to its earlier highs.
But when merchants concentrate on the Fed’s hawkishness, or if the markets fear concerning the influence of a high-interest price atmosphere, then NZD/USD may revisit decrease areas of curiosity earlier than seeing renewed shopping for strain.
