News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • US yields continue to creep higher, forcing investors to de-risk across different asset classes $USD $DXY $XAU $XAG https://t.co/NNa4l6Fpql
  • Monday rounds out the biggest three-day tumble for $EURUSD since April 3rd. Further, the 200-day moving average is once again in view after 200-trading days above the long-term benchmark https://t.co/KAigLZ2EeE
  • Bond markets will be on edge all week, with several measures of inflation due from around the globe (Mexico, China, US, Australia, Brazil, Germany, and India). Get your market update from @CVecchioFX here:https://t.co/DO83Zc6UQu
  • Bitcoin bears exert force, driving Bitcoin back below the 50k psychological level BTC/USD support showing around a Fibonacci level. Get your $btc market update from @Tams707 here:https://t.co/2Kf1ZV0PjC https://t.co/B3XO6V3QYD
  • Time to break out some ratios like commercial real estate property tickers (eg $SPG) relative to Amazon ($AMZN) or Carnival Cruise ($CCL) relative to Netflix ($NFLX)
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.07% 🇬🇧GBP: -0.11% 🇦🇺AUD: -0.42% 🇪🇺EUR: -0.54% 🇳🇿NZD: -0.59% 🇨🇭CHF: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/VvEMwfDftX
  • Rising yields (the aggregate yield I mentioned earlier is overlaid and inverted in red here) is dragging gold lower. The 60-day correlation (3 trading month) between $GC_F and yields is the strongest net negative since Oct 2019 https://t.co/Myo0FlsvJA
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.42% Silver: -0.47% Gold: -1.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fxdEWv4bfo
  • The Australian Dollar now risks a deeper March correction with the AUD/USD price reversal approaching multi-month uptrend support. Get your $AUDUSD market update from @MBForex here:https://t.co/jYfBrd5b22 https://t.co/tbU9BM3n3L
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.43%, while traders in Germany 30 are at opposite extremes with 80.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/W16EBX7wwK
GBPNZD Opening Range in Focus Ahead of BoE- 1.9722 Key Support

GBPNZD Opening Range in Focus Ahead of BoE- 1.9722 Key Support

Michael Boutros, Strategist

Talking Points

GBP/NZD Daily

GBPNZD Opening Range in Focus Ahead of BoE- 1.9722 Key Support

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPNZD testing key support region 1.9722/32- (bullish invalidation)
  • Weekly / monthly opening ranges taking shape between 1.9722- 2.0060 – (bearish invalidation)
  • Break to validate near-term scalp bias
  • Daily RSI sitting at 40-support- break below would be bearish
  • Event Risk Ahead: BoE Interest Rate Decision on Thursday & UK Industrial/ Manufacturing Production on Friday

GBP/NZD 30min

GBPNZD Opening Range in Focus Ahead of BoE- 1.9722 Key Support

Notes:The range in focus here is 1.9722- 2.0060 as the weekly/monthly opening range takes shape just above key near-term support. The 1.9722/32 support range is defined by the 88.6% retracement of the late-November rally, the 100% extension off the 2014 high, the 78.6% retracement of the September rally and trendline support off the 2013 low.

The trade may not be quiet ready yet, but we’ll be tracking the pair for a break of this range with our base-case scenario favoring shorts while below TL resistance off the December high. Caution is warranted heading into the later part of the week with UK data likely to fuel added volatility in Sterling based crosses.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Relevant Data Releases

GBPNZD Opening Range in Focus Ahead of BoE- 1.9722 Key Support

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 13:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES