It’s been a quiet week for most reserve currencies worldwide thus far. This surrounds the facts that there is still drama adjoining the Greek bailout, the upbeat inflation of The Bank of England (BOE), the weak US sales report as well as the sad state of the unemployment rate and economical state in OZ. However, the USD has come out pretty much unscathed yet again.
In late 2011 the kiwi (NZD), put a triple bottom pattern at a price level of .7450 this set the way for it to reach 1.500 pip increase to .8825 just last year. Though last week the currency slid down to an all-new 4-year low of .7200. Yesterday, this neutral currency pair NZD / USD rallied back to .7400. I anticipate that history will repeat itself and this pair will see the .7450 mark before close of business on Thursday.
Staying with news below the southern hemisphere, the Reserve Bank of Australia (RBA) chosen to decrease the official cash rate from 2.5% to 2.25%. Today the RBA will release the details of this meeting as the job situation down under is becoming an increased state of concern as well as the mining sector which is a great part of the economy. A need for lower rate of exchange is becoming a necessity too. Amidst the widespread strength of the greenback (USD) the Australian Dollar (AUD), according to the RBA is over-rated in its strength, and the bank feels that it will also see a slide along with commodity prices.
There are still 12 outstanding days before Greece’s funding officially runs out and the Eurogroup have had their second meeting within just 5 days of each other. Many investors are not taking this seriously enough, the EUR / USD only dropped about 80 pips and at the moment the EUR / USD is still clawing its way up as we speak. There is going to be a monumental market move very soon with this currency pair, be aware of this investors. Today’s meeting could be the deciding factor that either Greece pays the loan back or it will be defaulted. This is a major occurrence not only for the country but the currency as well.
Today’s Binary Trading Tip:
A very safe bet today on my part, I will keep this currency pair in my CALL range today USD / EUR. As well as a safe PUT on the NZD / USD.
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