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Forex-analysis

GBP/USD RATE DAILY CHARTThe broader outlook for GBP/USD is no longer bullish as both price and the Relative Strength Index (RSI) threaten the upwards trends from late last year, and the advance from the 2019-low (1.2373) may continue to unravel following the string of failed attempts to close above the Fibonacci overlap around 1.3310 (100% expansion) to 1.3370 (78.6% expansion). Recent series of lower highs & lows raises the risk for a further depreciation in GBP/USD, but need a break/close below the 1.2950 (23.6% retracement) to 1.3000 (61.8% retracement) area to open up the next downside hurdle around 1.2880 (50% retracement) to 1.2890 (23.6% expansion). The 1.2760 (38.2% retracement) to 1.2800 (50% expansion) zone comes up next followed by the overlap around 1.2610 (23.6% retracement) to 1.2640 (38.2% expansion).
Long
by UnknownUnicorn3717994
NZD/CAD TO FALL IN THE COMING WEEKS In its last Interest rate statement, the Reserve Bank of New Zealand, stated that it expects to keep interest rates at a record low for another two years as the outlook for economic growth weakens. According to a Bloomberg Report, the Central has said that the chances for a rate cut has increased. This has caused the New Zealand dollar to become a less favorable currency for investors to invest in hence the recent drop of the currency against major currencies. On the other hand, today Canadian CPI beat expectations which has increased the likelihood of the Bank of Canada to increase interest rates. Now comparing the two, we have a clear distinction between these two currencies. The 1 Hour time frame for the NZD/CAD pair has it rising towards the 0.8680s which will probably serve as the point for reversal to target 0.85700 region.
Short
by ruebenmira