Merchants would possibly use as we speak’s mild schedule to position bets forward of the massive occasions later within the week.
Or will New Zealand’s retail gross sales launch spur a breakdown on EUR/NZD?
Earlier than shifting on, ICYMI, I’ve listed the potential economic catalysts that you need to watch out for this week. Test them out earlier than you place your first trades as we speak!
And now for the headlines that rocked the markets within the final trading sessions:
Contemporary Market Headlines & Financial Knowledge:
Japan additionally rumored to be prepping to launch oil reserves
Chinese language land gross sales stoop for 4th month on property sector woes
Japan introduced $490 billion stimulus spending package deal to deal with pandemic
New Zealand to shift to much less restrictive COVID-19 alert system by Dec. 3
German lawmakers contemplating obligatory COVID-19 vaccination
European equities open larger for the day
Upcoming Potential Catalysts on the Economic Calendar:
U.S. current dwelling gross sales at 3:00 pm GMT
New Zealand quarterly retail gross sales at 9:45 pm GMT
In the event you’re not conversant in the foreign exchange market’s most important buying and selling periods, take a look at our Forex Market Hours device.
What to Watch: EUR/NZD
This pair is hanging out on the backside of its short-term vary, nonetheless deciding whether or not to make a bounce or a break.
Will consumers defend the vary help?
Technical indicators are hinting at a breakdown, because the 100 SMA is beneath the 200 SMA to indicate that the trail of least resistance is to the draw back.
On the similar time, Stochastic is popping decrease from the overbought zone to sign that sellers are returning whereas consumers take a break.
A transfer beneath help on the 1.6100 main psychological mark may spur a slide that’s the identical peak because the rectangle pattern or roughly 225 pips. A bounce, alternatively, may take EUR/NZD again as much as the resistance at 1.6325.
This might all boil right down to the upcoming quarterly retail gross sales launch from New Zealand. Quantity crunchers are predicting a pointy 10.2% decline within the headline determine and a 7.6% fall for the core studying.
However with the consensus setting the bar so low, any upside shock may be sufficient to wake Kiwi bulls up. Don’t neglect that the RBNZ choice is arising later within the week, too!
