Key PointsThe British Pound after struggling to clear the 1.2960-80 resistance area against the US Dollar moved down. The GBPUSD pair broke a major support trend line at 1.2890 formed on the hourly chart. In China today, the Caixin China Services PMI™ for April 2017 was released by Markit Economics. The result was below the forecast, as the China Services PMI posted a decline from the last reading of 52.2 to 51.5 in April 2017. GBPUSD Technical Analysis
The British Pound traded with a positive bias this past week and moved above the 1.2920 resistance area against the US Dollar. However, the pair failed to test the 1.3000 level, and traded as high as 1.2965. Later, it moved [...]
Key PointsThe New Zealand Dollar is currently facing resistance near 0.7080 against the US Dollar. There is a crucial breakout pattern formed on the hourly chart of NZDUSD with support on the downside at 0.7050. Today during the Asian session, the MNI China Business Sentiment Indicator was released. The outcome was better than the forecast, as there was an increase from 52.2 to 53.1 in November 2016. NZDUSD Technical Analysis
The New Zealand dollar traded higher recently towards the 0.7080 level against the US Dollar. However, the NZDUSD pair faced sellers near the stated level, and the pair is currently trading lower.
There is a breakout pattern formed [...]
Earlier today, the Chinese Gross Domestic Product (GDP) was released by the National Bureau of Statistics of China. The forecast was slated for an increase of 7.2% in the GDP in the fourth quarter of 2014, compared with the same quarter of the last year. However, the outcome was a bit positive as the Chinese GDP grew by 7.3%.
The quarterly change was 1.5%, compared with the rise of 1.9% in Q3, 2014. This was positive for the risk sentiment to some extent, but currencies such as Aussie dollar failed to gain bids after the release.
As reported by Bloomberg, “the economy’s performance in 2014 stands out against the widespread hard-landing fears that prevailed early last [...]