Threat-off flows appear to be choosing up once more!
Can NZD/JPY maintain this double prime sample breakdown earlier than the buying and selling week ends?
Earlier than shifting on, ICYMI, yesterday’s watchlist checked out AUD/USD’s descending triangle sample forward of the U.S. core PCE value index launch. Make sure to try if it’s nonetheless a legitimate play!
And now for the headlines that rocked the markets within the final buying and selling periods:
Recent Market Headlines & Financial Information:
U.S. core PCE value index at 0.3% vs. projected 0.4% achieve
U.S. private revenue up by one other 0.5% as anticipated
U.S. private spending up by 0.2% vs. projected 0.4% enhance
OPEC sticks with deliberate manufacturing hike of 648K bpd in August
Chicago PMI slumped from 60.3 to 56.0 vs. estimated 58.1 determine
Australian AIG manufacturing index improved from 52.4 to 54.0
New Zealand shopper confidence index down from 82.3 to 80.5 in June
New Zealand constructing consents dipped by 0.5% after earlier 8.6% stoop
Tokyo core CPI climbed from 1.9% to 2.1% as anticipated
Japanese unemployment charge ticked greater from 2.5% to 2.6%
Japan’s Tankan manufacturing index fell from 14 to 9 vs. consensus at 13
Japan’s Tankan non-manufacturing index up from 9 to 13 as anticipated
Chinese language Caixin manufacturing PMI improved from 48.1 to 51.7 vs. 50.2 forecast
Eurozone flash headline CPI up from 8.1% to eight.6% vs. 8.5% forecast
U.S. ISM manufacturing PMI at 2:00 pm GMT
Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️
What to Watch: NZD/JPY
Don’t look now, however NZD/JPY is perched proper on prime of its double prime neckline!
Can it swoop beneath assist and go for a reversal from right here?
Technical indicators are nonetheless pointing to the presence of bullish vibes, because the 100 SMA is above the 200 SMA whereas Stochastic seems prepared to tug greater.
Nonetheless, the hole between the shifting averages is narrowing to replicate slowing upward momentum and a possible bearish crossover. The pair has additionally fallen beneath each indicators, so these may maintain as dynamic resistance.
A break beneath the neckline assist round 83.00 may set off a drop that’s the identical measurement because the reversal formation. That’s over 300 pips yo!
Earlier at this time, New Zealand reported a dip in shopper confidence for the earlier month. In the meantime, Japan’s Tankan survey printed blended outcomes for its manufacturing and non-manufacturing sectors.
A bounce or break may hinge on whether or not or not threat aversion extends its keep within the monetary markets earlier than merchants take off for the weekend. Higher preserve these eyes peeled for reversal or continuation candlesticks!