Trading Outlook – EUR/NZD
Originally updated: 07:00
Trading Bias: SHORT
Currency pair: EUR/NZD
Current Sentiment: Bearish
In today’s trading session we will be focussing on selling opportunities on the EUR/NZD.
The NZD found support overnight accredited to better than expected retail sales data (1.7% vs pre 1.3%) this being the highest reading since 2012 saw NZDUSD trade at a 3 week high. In today’s session we have the reconvening of the Eurogroup meetings – where attention will turn to the Greek debt crisis and whether a agreeable solution for both parties can be reached, we can expect some volatility on the EUR a sentiment throughout the day will be dictated by progress (or lack of) made regarding the Greek bailout plan.
We expect this pair to sell off during today’s session.
There is strong resistance at 1.5350 – 1.5380 which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.
Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could be positive for this pair, which would change the sentiment to bullish.
Other Market Moving News:
Overnight we had Japanese GDP for Q4 0.6% vs forecast 0.9% bearing in mind the previous reading -0.5% as such the data was neutral/mildly hawkish despite falling short of expectations as it is now out of the minuses.
The Bank of England’s Weale has stated a rate rise could start sooner than the market expects as there are risks inflation will rise sharper than anticipated, whilst the Bank of England’s Broadbent said that the next policy move will be a rate hike.
Sorry. No data so far.