Even though equities showed a dramatic turnaround yesterday, finishing the session with gains of over 2.5%, the Dollar index failed to present any major move. The Dollar continued to linger around recent levels closing the session just off 83 points.
On individual pairs the GBP/USD climbed during the session continuing in the direction of its current major trend. The pair did finish the session higher but failed to break resistance of 1.5372. When observing the chart more carefully one can see that trend line resistance has now converged with resistance of 1.5372, forming a level that the Pound might find hard to break.
Please note; while volatility on this pair could pick up today, due to scheduled inflation numbers, GDP figures are scheduled to be released at the end of the week.
Following yesterday’s video report, the NZD/USD made an impressive turnaround climbing higher throughout the session. As stated on the report current levels of $0.5967 should be taken into consideration, especially as the pair bounced off its lower support level of $0.5833. While there is no major data coming out from New-Zealand this week, overall market strength could continue to drive this pair higher. For further information feel free to take a look at yesterday’s video analysis.
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