In search of oil-related trades right this moment?
Try GBP/CAD’s falling wedge sample and see if you can also make pips from the sample holding or breaking out!
Earlier than shifting on, ICYMI, yesterday’s watchlist checked out NZD/USD’s divergence after Powell’s hawkish speech. Remember to try if it’s nonetheless a legitimate play!
And now for the headlines that rocked the markets within the final buying and selling classes:
Recent Market Headlines & Financial Knowledge:
Powell says Fed might increase charges extra rapidly to tame inflation
Goldman sees Fed mountain climbing charges by 50 bps at Might, June conferences
RBA Gov Lowe: RBA gained’t reply till there may be proof of widespread worth pressures
NZ Shopper confidence lowest since 2008 world monetary disaster: Westpac survey
UK public borrowing larger at 13.1B GBP vs. 8.1B GBP anticipated in February
Banks, power, and mining shares lead beneficial properties, oil jumps as conflict and fee hikes rattle nerves
U.Okay. CBI industrial order expectations at 11:00 am GMT
ECB President Lagarde to speak of the way forward for cash within the Eurosystem at 1:15 pm GMT
SNB Chairman Jordan to present a speech at 3:15 pm GMT
BOJ’s core CPI at 5:00 am GMT (Mar 23)
U.Okay.’s CPI at 7:00 am GMT (Mar 23)
Use our new Foreign money Warmth Map to rapidly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️
What to Watch: GBP/CAD
GBP/CAD 1-hour Foreign exchange Chart
GBP/CAD has been on a downtrend since late February due to larger crude oil costs pushing CAD larger and tensions within the euro area lowkey dragging GBP.
Can the bears lengthen their momentum?
The pair is now buying and selling inside a falling wedge sample. Not solely that, but it surely’s additionally testing the sample’s resistance close to the 100 and 200 SMAs on the 1-hour timeframe!
The prospect of EU members imposing sanctions on Russian oil has raised oil costs. This might increase CAD throughout the board and drag GBP/CAD from the wedge resistance space.
In the meantime, the U.Okay. is about to print its inflation knowledge. If it is available in larger than BOE is anticipating, then the central financial institution might tighten its financial insurance policies sooner and possibly choke the economic system’s progress.
Watch how GBP/CAD reacts to its present resistance zone. If the pair begins sustainably buying and selling above the wedge and the SMAs, then it might be headed for areas of curiosity close to 1.6800 or 1.6950.
When you begin to see crimson candlesticks, nonetheless, then you definitely may need to think about that the falling wedge sample might maintain. GBP/CAD might flip decrease from its present ranges and retest the wedge help areas.
