The market is expected to be sluggish this week due to a lack of major economic reports. The US dollar is currently strong despite negative economic data. The major currencies (EUR, GBP, NZD) are expected to continue their downward trends in the near future. Bitcoin is experiencing a bullish run but might face a technical correction soon. The RBNZ rate decision is the key event to watch for the New Zealand dollar.
EUR/USD:
- Technical Analysis: Bearish, possible downtrend continuation.
- Trading Signal: Sell below 1.0864.
- Key Points:
- Downward wave construction likely continues.
- Internal correction may be ending soon.
- Target: 1.0462 (127.2% Fibonacci)
GBP/USD:
- Technical Analysis: Uncertain, complex wave pattern.
- Trading Signal: Sell below 1.2039.
- Key Points:
- Downward trend section expected.
- Sideways movement remains possible.
- Target: Below 1.2039
NZD/USD:
- Market Awaits RBNZ Interest Rate Decision: Expected to hold at 5.50%.
- Technical Analysis: Mixed signals, possible uptrend continuation.
- Key Points:
- Rate decision could impact NZD/USD.
- Price near monthly pivot point (0.6170).
- Hawkish statement from RBNZ anticipated.
BTC/USD:
- Technical Analysis: Overbought, possible technical correction.
- Trading Signal: Sell below $57,000.
- Key Points:
- New high reached at $57,384.
- Potential targets: $59,375, $60,000.
- Correction could reach $53,125.
Categories: Market News
