The last week started off with a correction up trend, but on Thursday, the situation changed and investors started to sell risks again. There were two reasons for this turn. The first one; the Fitch agency has downgraded New Zeeland’s credit rating and the second one; the end of the economic year in the US. This is the first week of the New Year for the US economic and it can bring some new hopes and moves, especially that it has many important events scheduled (Reserve Bank of Australia rate decision, Ben Bernanke speech, European Central Bank rate decision, important unemployment data for US…)
The EUR/USD pair broke resistance level at 1.3400 and is moving to 1.3000. The next important resistance will be at 1.3300 and if this level is broken, the pair will move to 1.3000. On the other side, the Grease crisis is almost resolved and we can have some correction or turn up movements during the next two weeks.
The oil price (WTI Crude) has tested the price of 78$ for the third time and if it continues this down movement, pairs AUD/USD and NZD/USD will continue fallowing to levels 0.9370 (AUD/USD) and 0.7350 (NZD/USD).
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