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NZD/USD Price Analysis: Traders await RBA volatility to decipher the code in the market structure
Abstract：The M-formation is overextended, but it is a reversion pattern nevertheless and the price would be expected to correct towards the 61.8% Fibonacci retracement level over the course of the comings days.
NZD/USD traders await key events to take place this week.
The technical outlook is bullish while buyers move in to correct the dominant bearish trend.
It is quite out there in terms of volatility in Asia due to the holidays in the region. However, on a bigger scale, NZD/USD is poised for higher levels in its correction of the daily bearish trend as follows:
NZD/USD daily chart
However, given the number of critical events this week, including the Reserve Bank of Australia at the top of the hour, traders would be prudent to allow these to play out (the cause) in order to decipher the code within the market structures subsequent of the price action (the effect).
The RBA could be the catalyst, on a hawkish outcome, to send the kiwi on the coattails of a rally in the Aussie up to test the 38.2% Fibo near 0.6640 for the day ahead. From a 4-hour basis, the structure is ripe for a run to test the resistance on the way there:
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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FOREX TODAY: BOC RATE DECISION, UK BUDGET
Wednesday's major data releases and macroeconomic events are expected to cause volatility to increase after another day of erratic trading in the financial markets. The Spring Budget for the UK will be released, and January Retail Sales figures for January will be made available by Eurostat. ADP Employment Change for February and January JOLTS Job Openings will be discussed later in the session on the US economic docket.
FOREX TODAY: AHEAD OF SIGNIFICANT RISK OCCURRENCES, PMI DATA COULD ALERT MARKETS.
Major currency pairings are still trading in familiar ranges early on Tuesday after the erratic trading on Monday. The US economic docket for the American session will include the factory orders data for January and the ISM Services PMI survey for February. Final updates to the February PMI for the US, Germany, the UK, and the EU will also be released by S&P.
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