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Market Review 2 April 2020

Apr 2, 2020 (06:48)

by Constantinos Loizou

In today’s Economic calendar we can expect some volatility in the CAD and the USD
At 12:30 (GMT), the Statistics office of Canada will announce their International Merchandise Trade figures
That number represents the difference between the value of imports and exports of Canada
The result is forecasted to decrease to -1.87B considering that last month was at -1.47B
At 12:30 (GMT), the Bureau of Economic Analysis of the USA will announce their Trade Balance figures
That number represents the difference between the value of imports and exports of the USA
The result is forecasted to increase to -40B considering that last month was at -45.3B
At 12:30 (GMT), the Department of Labor of the USA will release the Initial Jobless Claims figures
That number shows the total of people who have submitted for state unemployment insurance, for the first time
That result is forecasted to increase to 3500K considering the last month was at 3283K

On the Charts

As we can observe on the NZD/USD chart, the pair formed a Rising Wedge, which is a bearish formation
Price now is at 0.5960, below its 20 periods Moving Average
Momentum is bearish, since Rate of Change (13 periods) is below 0 and MACD is testing the zero line
Considering the above, there is a possibility to see the price moving lower to 0.5780 – a previous support level or lower to 0.5600, the target of our formation
Otherwise, if the price moves higher, we may see it testing the blue trendline or retesting the 61.8% Fibonacci Retracement level (From 0.6450 to 0.5470)

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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