Journal update 13---1---2021
Hi dear friends and mates how are you?. I hope you all will be fine and doing well and enjoying the trading. Recently i am shocked to see that one of the mates share the news that mt5 forum will not be sponsored by instaforex due to the scam but i think this is not true because administration is not inform us about it . Despite that we should continue our work . Now Iam going to share analysis on following currency pairs NZD/USD,GBP/USD and AUD/USD.
The main US stock indices opened stable on Tuesday, amid anticipation of the reveal of President-elect Joe Biden's stimulus plan. Biden is preparing to reveal his plan to inject billions of dollars to support the economic recovery from the coronavirus repercussions. Johns Hopkins University reported that the number of Covid-19 infections rose to more than 90 million cases worldwide.
Analysis on NZD/USD
Having recently checked the weekly high near 0.7240, NZD/USD fell to 0.7224 during Wednesday's Asian trading. In doing so, the kiwi pair took a step back from the weakening trend line of December 06 while holding the upside break of 200-HMA, which blinked the previous day.
New Zealand's bullish fundamentals, combined with the US dollar index weakness, enter the sustained 200-HMA split to keep NZD/USD investors optimistic.
The NZDUSD pair gave simple positive trades yesterday after finding good support at 23.6 per cent of the Fibonacci reversal level at 0.7150, pointing towards the resumption of the main bullish pattern, paving the way for a visit of 0.7315 as the next main target.
As a result, we plan to see a further improvement in the coming sessions, and a violation of 0.7245 will ease the task of reaching the required goals, although the expected increase will remain true until it breaks 0.7180 and stays below it.
Analysis on GBP/USD.
The US Dollar Index has taken downside traction and is checking the support range at 90. If this evaluation is a positive, the U.S. The Dollar Index will move towards the next support at 89.75, which will be worth GBP/USD.
Today, foreign exchange traders will rely on inflation data from the U.S. Analysts expect inflation to rise by 1.3 per cent year-over-year in December. The inflation rate is expected to rise by 0.4% on a month-over-month basis. In the meanwhile, the core inflation rate is expected to rise by 1.6 per cent year-over-year.
The pair joined up strongly to crack 1,3550 and achieve solid gains, as it now approaches 1,3700, which prevents the recently suggested negative scenario and moves the market to restart the main bullish trend, and the route is open to the visit of 1,3860 areas that mark the next main goal.
As a consequence, we expect to see a further improvement in the coming sessions, conditioned by price stabilization above 1,3600.
Analysis on AUD/USD
The Australian Dollar is slowly creeping down early Wednesday after growing from a one-week low as a fall in the U.S. Treasury rates have undermined the U.S. Dollar, making an Australian commodity-linked investment more appealing.
The selling of the bond market has powered the U.S. Treasury rates significantly higher at the beginning of 2021, stalling the Australian Dollar rally.
AUD/USD pair traded with strong positivity yesterday to crack 0.7725 and settles above it, which drives the market to restart the key bullish pattern, on its way to challenge the recently reported peak at 0.7820 initially.
As a result, the bullish pattern is anticipated for the next cycle until it crosses the 0.7680 mark and remains below it.