Each day U.S. Session Watchlist: EUR/NZD

Merchants may use right now’s gentle schedule to put bets forward of the massive occasions later within the week.

Or will New Zealand’s retail gross sales launch spur a breakdown on EUR/NZD?

Earlier than transferring on, ICYMI, I’ve listed the potential financial catalysts that that you must be careful for this week. Examine them out earlier than you place your first trades right now!

And now for the headlines that rocked the markets within the final buying and selling classes:

Contemporary Market Headlines & Financial Information:

Japan additionally rumored to be prepping to launch oil reserves

Chinese language land gross sales droop for 4th month on property sector woes

Japan introduced $490 billion stimulus spending bundle to handle pandemic

New Zealand to shift to much less restrictive COVID-19 alert system by Dec. 3

German lawmakers contemplating obligatory COVID-19 vaccination

European equities open larger for the day

Upcoming Potential Catalysts on the Financial Calendar:

U.S. current house gross sales at 3:00 pm GMT
New Zealand quarterly retail gross sales at 9:45 pm GMT

In the event you’re not acquainted with the foreign exchange market’s predominant buying and selling classes, try our Foreign exchange Market Hours software.

What to Watch: EUR/NZD

EUR/NZD 1-hour Forex Chart
EUR/NZD 1-hour Foreign exchange Chart

This pair is hanging out on the backside of its short-term vary, nonetheless deciding whether or not to make a bounce or a break.

Will consumers defend the vary assist?

Technical indicators are hinting at a breakdown, because the 100 SMA is under the 200 SMA to point out that the trail of least resistance is to the draw back.

On the identical time, Stochastic is popping decrease from the overbought zone to sign that sellers are returning whereas consumers take a break.

A transfer under assist on the 1.6100 main psychological mark may spur a slide that’s the identical peak because the rectangle sample or roughly 225 pips. A bounce, alternatively, may take EUR/NZD again as much as the resistance at 1.6325.

This might all boil right down to the upcoming quarterly retail gross sales launch from New Zealand. Quantity crunchers are predicting a pointy 10.2% decline within the headline determine and a 7.6% fall for the core studying.

However with the consensus setting the bar so low, any upside shock could be sufficient to wake Kiwi bulls up. Don’t overlook that the RBNZ choice is arising later within the week, too!

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