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Market News and Charts for September 28, 2020

Hey traders! Below are the latest forex chart updates for Monday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!

 

EUR/NZD

As the market worries about the strength of the single currency, bullish investors should lose their footing, giving the New Zealand dollar an opening to bring the pair lower in the trading sessions. The exchange rate’s prices are bound to go down to its support level in the first half of October. Yesterday, European Central Bank policymaker Ignazio Visco said that the latest power of the euro is a concern and will warrant a reaction from the bank if it eventually drags the bloc’s inflation father away from its goals. Visco then denied the speculations about ECB policymakers were divided on the matter. However, this raised arguments as to whether the bank will eventually intervene to weaken the stance of the euro. As for the New Zealand dollar, the currency may be trading stronger than the euro, but is also weighed by the global trend. The performance of the commodity-linked currencies last Friday has once again stirred the market’s direction.

FinanceBrokerage - Market News: EUR/NZD Chart

AUD/NZD

The Australian dollar is widely projected to continue its fall in the trading sessions, giving the New Zealand dollar a chance to redeem itself in the sessions. The prices of the Australian dollar and New Zealand dollar exchange rate are on track to plummet to its support level this coming month. Looking at it, the coronavirus restrictions Australia will be eased as the nation’s COVID-hotspot finally starts recording single-digit cases. This piece of news should be beneficial; however, its neighbor’s currency is coming out stronger from the news. Earlier this Monday, it was reported that Victoria’s daily new cases rate fell to single digits for the first time in over three months, signaling that restrictions would be winded back. On the other hand, the New Zealand dollar is affected by the global trends seen last week. Aside from that, the recent statement of the NZ Treasury regarding the impact of the second lockdown on the economy also weighed on the kiwi.

FinanceBrokerage - Market News: AUD/NZD Chart

EUR/BRL

Despite the inhibitions of investors with the euro, bearish investors of the EURBRL trading pair are still no match for the strength of bulls. It’s now believed that prices would eventually climb up to its resistance level, hitting record highs amidst the pandemic. However, some experts argue that once the prices reached their resistance, it could force a sharp turnover, meaning that it would only ricochet from that range. The uncertainty in the emerging markets is taking a toll on the power of the Brazilian real, preventing it from effectively defending itself in the trading sessions. Also, another factor that’s weighing the Brazilian real is the intense impact of the coronavirus pandemic on the country. Looking at the Latin American country’s death toll, it’s clear that it’s the third worst-struck nation in the globe. Meanwhile, the main fundamental for the euro now is the possible intervention of the European Central Bank to its impressive strength.

FinanceBrokerage - Market News: EUR/BRL Chart

GBP/BRL

The British pound manages to acquire a steady footing against the Brazilian real this Monday as the market waits for the final showdown of the United Kingdom and European Union for the Brexit deal. It is expected that the trading pair will head up to its resistance level in the coming weeks, reaching ranges never before seen by investors. However, that forecasted rally could also have an ending as fewer experts in the United Kingdom believe that Britain is a force for good in the world due to the unending feud regarding the Brexit deal. This news is a punch in the UK’s gut, and it weighs in its world affairs. This week will be crucial for the exchange rate as the Brexit negotiators from the two sides once again meet for the ninth and final round of Brexit talk. Reports claim that the two forces are optimistic coming into the meeting and a deal might finally be snatched after months of disagreement as it will benefit both economic recoveries amidst the pandemic. FinanceBrokerage - Market News: GBP/BRL Chart



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