EURUSD chart analysis
Looking at the EURUSD on the daily time frame, we see that today the Euro has stabilized and strengthened a bit. The support zone at 1.17000 is resisting for now, and additional support for the Euro could be data from the US market on The Core Consumer Price Index, which was worse than both the forecast and previous data. This introduced the current weakness of the dollar index, and now we have to wait for the chart to stabilize. The pair EURUSD climbed from 1.17000 to 1.17400, and whoever manages to take advantage of the dollar’s weakness may even climb to 1.18000. There is resistance in the 20-day moving average, and if we overcome it, then we can expect the pair to climb to 1.19000 previous high from last week. To continue the bearish trend, we need a new withdrawal below 1.17000 and great support at a 38.2% Fibonacci level. EURUSD may take advantage of this negative news and move slightly up on the chart in the zone 1.18000-1.19000 before the next more serious impulse.
GBPUSD chart analysis
Looking at the GBPUSD daily time frame, we see that our current support is a 20 day moving average at 1.38000. After bad American economic news, the pound is recovering, climbing to 1.38500. From the upper side, resistance awaits us in the 50-day moving average, which has been our resistance since the beginning of August. Going over it opens the possibility for us to climb to 1.40000 Psychological level for investors and traders because there we can expect some resistance. For the bearish scenario, we have a drop below the 20-day and 200-day moving average, and then our goal is a zone of around 1.37000, which coincides with our large bottom line of support. If there is no quick jump over that zone, then we go back down again. We can say that the pound has a lot of support from the bottom, which pushes the pair to the bullish side.
NZDUSD chart analysis
The daily NZDUSD chart tells us that the pair has been moving in one side consolidation around 0.70000 for almost the last two months and that since mid-July, the pair has been slowly climbing, making a new high in early August, and the new low thereafter supported by a 20 day moving average at 0.70000. We are currently at 0.74250, and we are testing Fibonacci 38.2%. For further continuation, we need a break above that level to climb to 50.0% to 0.71000, which coincides with the 200-day moving average. A break above that would just give a wind in the back for NZDUSD, driving it to 61.8% Fibonacci levels at 0.71500. If the dollar strengthens in the coming period, it is important to follow the 20-day moving average because if we go below, then a further decline can be very painful for the NZD.
Consumer prices in Germany rose at the fastest pace in more than 27 years in July, mainly due to a low base of comparisons, final data released by Destatis revealed on Wednesday.
Consumer prices rose 3.8 percent year-on-year in July, faster than the 2.3 percent rise in June. This was the largest increase since December 1993, when inflation was 4.3 percent.
“The sudden base effect that occurred in July 2021 was expected because the tax cut was passed on to consumers a year ago, including price cuts for many products,” said Christoph-Martin Mai, head of consumer pricing at the Federal Bureau of Statistics Office.
“The effect on price increases has been enhanced by special developments for some products, especially energy,” Mai added.
On a monthly basis, consumer prices rose 0.9 percent, according to the latest estimate.
EU-harmonized inflation accelerated to 3.1 percent in July from 2.1 percent in June. The rate coincided with a preliminary estimate released on July 29th.
Harmonized inflation has remained above 2 percent since April 2021.
On a monthly basis, the harmonized consumer price index rose 0.5 percent, as originally estimated, from 0.4 percent in June.
0 (0 votes)
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.