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On the H1 chart of NZDCAD, the price has been showing an uptrend lately, rising above the upper band of the Envelopes. That means the upward movement will continue for a while. However, the RSI and Stochastic Indicators are in the overbought zones. Therefore, the bearish reversal is looming in the short-term. The price is likely to move up to the resistance of 0.8563 and bounce downwards. As soon as the RSI crossing the 70% and the Stochastic’s fast line crossing the slow one upside-down confirms that, it may be a good moment to open shorts. The support for this scenario may be placed in the range of 0.8518 - 0.8515.
The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
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The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?
