As two very important events are scheduled for today
one may wonder which currency will fall and which one will rise. United Kingdom
has to release Forex news first. Bank of England will deliver their decision
about interest rates and Bank chief should also deliver some speech about
central bank’s financial policy. I am bullish towards Pound and bearish towards
Euro at the moment. However, I will concentrate more on gbp/chf and gbp/nzd
pairs. These look most attractive at the moment. Pound Franc pair has to clear
1.4500 level to confirm bullish bias. I buy above that price area.
Euro, on the other had looks kind of bearish. I am
looking at eur/nzd now and the technical structure of it is very bearish. So,
it looks weak against commodities and today’s event might change the course for
Euro against commodities, but nobody knows what will happen to eur/usd, eur/jpy
and eur/gbp pairs. Euro US dollar pair seems to be sitting on support as well
as gbp/usd pair. So, it alludes to the idea that the greenback might fall. I
also do not rule the chance of Euro forming double bottom patterns in commodity
currencies on hourly charts. Whatever happens, be sure to be on the same side
as the market.
See you tomorrow with more updates.
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