Heads up, greenback merchants!

The FOMC minutes are up for launch quickly, so we’d see extra volatility for the Dollar.

Can this imply a breakout for GBP/USD?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out AUD/NZD’s uptrend pullback forward of the RBNZ determination. Make sure you take a look at if it’s nonetheless a legitimate play!

And now for the headlines that rocked the markets within the final buying and selling periods:

Recent Market Headlines & Financial Information:

U.S. flash manufacturing PMI up from 46.9 to 47.8 vs. 47.4 forecast

U.S. flash companies PMI up from 46.8 to 50.5 vs. 47.3 estimate

Dairy costs fell 1.5% in newest New Zealand GDT public sale

New Zealand commerce deficit greater than tripled from 636M NZD to 1954M NZD

Australia’s wage worth index rose 0.8% q/q in This autumn 2022, earlier 1.1% acquire

Australian development work performed sank 0.4% q/q in This autumn 2022 vs. projected 1.6% improve

RBNZ hiked rates of interest by 50bps from 4.25% to 4.75% as anticipated

RBNZ: Early indicators of worth pressures easing however core inflation stays excessive

RBNZ: Nonetheless anticipating a recession of 9-12 months interval

RBNZ: Too early to find out affect of Cyclone Gabrielle

New Zealand bank card spending up from 12.7% to 17.9% y/y in Jan

German ultimate CPI unchanged at 1.0% m/m in Jan as anticipated

G20 conferences to start out right now
FOMC minutes at 7:00 pm GMT
RBNZ Governor Orr’s speech at 7:10 pm GMT
FOMC member Williams’ speech at 10:30 pm GMT

Use our new Foreign money Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

What to Watch: GBP/USD

GBP/USD 1-hour Foreign exchange Chart by TradingView

Is {that a} sketchy double backside I’m seeing on Cable’s hourly time-frame?

If that’s the case, the pair is likely to be prepared to substantiate a possible reversal quickly!

Worth is inching nearer to testing the neckline resistance on the 1.2200 main psychological mark, and a break greater may set off a rally that’s the identical top because the chart sample.

Technical indicators are suggesting in any other case, although. The 100 SMA is beneath the 200 SMA for now to sign that the trail of least resistance is to the draw back whereas Stochastic is heading south.

Then once more, we’ve bought the discharge of the FOMC assembly minutes developing, so fundamentals would possibly steal the present.

Specifically, not-so-hawkish remarks is likely to be sufficient to spur one other spherical of losses for the Dollar, presumably taking GBP/USD greater by a little bit over 200 pips.

Alternatively, optimistic remarks supporting the probability of extra Fed price hikes may permit the ceiling to carry and ship the pair again to its lows round 1.1950-1.2000.

In any case, higher be prepared for worth spikes when buying and selling the information with this one!