The most traded pair has started the week on the positive footing. What are the forecasts?
Daily Market Analysis
The market focus today will be on politics, with the attempt in the United States to get a new fiscal policy package and the relations with China.
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
The British pound outperformed the euro and the US dollar after the better-than-expected PMI. However, Brexit deadlock pushed the GBP down.
The coalition of Pfizer and BioNTech have announced that the regulatory review of the Covid-19 vaccine is scheduled for October. This positive news may add some tailwinds to the Pfizer stock.
The NZD/JPY pair is now poised to exit the Kumo. If that happens, the currency pair will enter into a new bearish sentiment.
USD/JPY is moving sideways between the pivot point at 105.708 and the resistance level at 106.26
Where is GBP/USD going? See the long-term and short-term technical layout for this important currency pair.
USD/CHF is now testing the key resistance at 0.91519
The advance of S&P500 came as shares of big tech stocks rallied and reflected the trend of the past months of this year in equity markets.
The most traded pair takes a breath after reaching levels unseen since May of 2018.
Goldman Sachs claims the ZAR may rise further, if global markets keep rallying. Let’s discuss it in detail.