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The bloc’s single currency successfully recovered some of its major losses against the New Zealand dollar in sessions. The pair is looking to jump widely and push the pair even higher to its resistance. Bulls remain determined to climb up the steep resistance by the first week of February. The gradual improvement from New Zealand’s economy is barely giving the kiwi support in the foreign exchange scene. Also, the positive results from Germany’s economy and other nations from the bloc are backing up the EURNZD, giving it its much-needed boost to rally. Earlier today, Destatis reported that Berlin’s unemployment change for January plunged to -2K from 8K prior, traders were delightedly surprised as it came even better than the forecasted 5K improvement. Meanwhile, the whole eurozone’s unemployment rate for December inched down by 0.1% to 7.4%, surprising experts who forecasted that it would remain stagnant.
The Euro places the Brazilian real on the defensive and works hard to push the pair higher in sessions. The lack of clear direction brought by mixed signals from the Brazilian economy is confusing investors on what direction the real will take, this allows the block’s single currency to gradually outrun it. Brazil’s monthly December bank lending results rose from 1.1% to 1.6% and while the country’s foreign exchange flows plunged from 0.235 billion to -0.011 billion. Meanwhile, the great results from Berlin and other members of the eurozone are supporting bulls in trading. Germany’s unemployment changes drastically dropped from 8K to -2K, positively catching the market off guard as experts were only expecting a 5K improvement. Meanwhile, the German unemployment n.s.a. for January, fortunately, didn’t reach forecasts of 2.426M and only rose to 2.425M from 2.227M prior.
The Australian dollar is still in trouble against the New Zealand dollar despite trading in green territories in sessions. The pair is widely expected to fall to its support levels by the middle of February. AUDNZD bulls are having troubling breaking past the downtrend as bears continue to thrive in the foreign exchange market. The good fourth quarter results from Australia’s economy is perhaps the main reason for the pair’s slightly upward direction in sessions, however, that won’t be the case for long as the coming results from January, which will be issued this coming February, are expected to produce weaker results due to the bushfires that damaged the country. Actually, the results from the fourth quarter actually showed a contraction in Australia’s housing credit, PPI, exports, and imports reports, but did not contract as bad as projected. Meanwhile, New Zealand’s economy is also showing signs of exhaustion as results also show slight contractions.
The British pound continues to outrun the Brazilian real as the GBPBRL pair sets its eyes on the resistance. Bears are greatly struggling to support the Brazilian real and are finding it difficult to break the uptrend of the pair. Actually, the mixed results from Brazil’s economic activity isn’t helping bears pull the pair downward. So, if bulls successfully reel the pair upward, the pair is expected to hit its resistance by the first few days of February. Unfortunately for the real, Brazil’s current account deficit is badly hurting it. Not to mention, the weight of the deadly coronavirus is making it even more difficult to recover. Later today, the Bank of England is scheduled to announce its official interest rate decision for January. If the BoE actually leaves its rates unmoved, as projected by experts, the British pound could receive some support, allowing it to remain on the offensive against the Brazilian real.
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