Can EUR prolong its positive aspects towards NZD forward of New Zealand’s labor knowledge launch?
I’m taking a look at EUR/NZD’s 1-hour chart for alternatives.
Earlier than transferring on, ICYMI, yesterday’s watchlist checked out EUR/GBP breaking below a Head and Shoulders pattern after lower-tier reports from the Eurozone missed estimates. You should definitely try if it’s nonetheless a legitimate play!
And now for the headlines that rocked the markets within the final trading sessions:
Contemporary Market Headlines & Financial Information:
US ISM manufacturing PMI falls to 55.4 in April vs. 57.6 anticipated
Canada’s manufacturing PMI slowed down from 58.9 to 56.2 in April
NZ new housing consents hits new report highs (50,858 models) in March
Japan and China’s markets are out on financial institution vacation
RBA raises rates of interest by 25 foundation factors to 0.35%
RBA: it’s the “proper time” to start withdrawing pandemic-related assist
RBA famous increased wage progress, resilient economic system, and inflation choosing up “extra shortly and to a better degree”
U.S. oil low, seen at $95, with out EU ban on Russia or Ukraine ceasefire
Eurozone’s PPI at 9:00 am GMT
Eurozone’s unemployment price at 9:00 am GMT
U.S. manufacturing unit orders at 2:00 pm GMT
RBNZ’s monetary stability report at 9:00 pm GMT
AU AIG building index at 10:30 pm GMT
NZ quarterly employment at 10:45 pm GMT
NZ unemployment price at 10:45 pm GMT
Use our new Currency Heat Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️
What to Watch: EUR/NZD
Aussie bulls made pips rain through the Asian session after the Reserve Financial institution of Australia (RBA) raised its rates of interest and hinted that it’s solely simply “starting” to withdraw its pandemic-related measures.
With no different central financial institution occasion within the subsequent 24 hours, outdoors of EUR/NZD pivot points, the main target could flip to lower-tier reviews and general danger sentiment.
Eurozone’s PPI and unemployment price, for instance, might spotlight progress and inflation considerations within the area.
Ditto for New Zealand’s quarterly labor knowledge numbers, that are anticipated to point out regular employment positive aspects and a barely decrease unemployment price.
Decrease progress prospects within the Eurozone might result in 1.6350 holding as resistance for an additional day. As you’ll be able to see, the pair tried (and failed) to interrupt above the ascending triangle resistance not less than twice within the final two weeks.
In the meantime, optimistic headlines or improved danger sentiment within the Eurozone might bust EUR/NZD from its triangle resistance.
Simply be sure that to substantiate a breakout so that you don’t get caught buying and selling a fakeout!