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Hi Friends ,
Last week ended with good volatility and better than expected data from canada . In upcoming week market will mainly focus on CPI release from US scheduled on tuesday and later Interest rate decision from RBNZ in early asian session . Majority of Traders (93%) were confident that RBNZ will retain its course of rate hike to 3.5% from the current 3.25% , but after the release of bad data on inflation a sharp decline to 77 % was noted . Even I was confident and had planned to trade NZD crosses on tuesday , but the recent scenarios are confusing . It's better to wait and monitor .
Coming back to EUR/USD - Technically , pair has formed a bullish divergance in the daily chart . Other indicators also suggests a strong upmove on monday . Fundamentally , EU leaders have raised their concerns on inflation as it is adversely affecting their exports. According to a recent speech given by one of the members , they are going to work harder to put the pair in 1.25 range, suggesting we can see a major drop soon . This month's CPI of US is forecasted to be 0.3 % from previous 0.4 % by the analysts . I am convinced with their view but I expect a growth on YoY figure which can help dollar to strengthen. If my fundamental prediction proves to be correct , pair will be rejected from SMA (10) in the daily chart and will move south with pace.
Thanks for reading and have a great weekend !
Last week ended with good volatility and better than expected data from canada . In upcoming week market will mainly focus on CPI release from US scheduled on tuesday and later Interest rate decision from RBNZ in early asian session . Majority of Traders (93%) were confident that RBNZ will retain its course of rate hike to 3.5% from the current 3.25% , but after the release of bad data on inflation a sharp decline to 77 % was noted . Even I was confident and had planned to trade NZD crosses on tuesday , but the recent scenarios are confusing . It's better to wait and monitor .
Coming back to EUR/USD - Technically , pair has formed a bullish divergance in the daily chart . Other indicators also suggests a strong upmove on monday . Fundamentally , EU leaders have raised their concerns on inflation as it is adversely affecting their exports. According to a recent speech given by one of the members , they are going to work harder to put the pair in 1.25 range, suggesting we can see a major drop soon . This month's CPI of US is forecasted to be 0.3 % from previous 0.4 % by the analysts . I am convinced with their view but I expect a growth on YoY figure which can help dollar to strengthen. If my fundamental prediction proves to be correct , pair will be rejected from SMA (10) in the daily chart and will move south with pace.
Thanks for reading and have a great weekend !
