NZD is falling against USD during today’s Asian session, accelerating the decline after ambiguous trading at the beginning of the week. The instrument loses about 0.35%, testing 0.6410–0.6400 for a breakdown.
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Today, during the Asian session, silver prices are rising, recovering from ambiguous dynamics at the beginning of the week and renewing local highs of February 3. The appearance of corrective sentiment on Monday was due to new measures to support the Chinese economy, which the Chinese authorities promised to introduce.
The pair may grow.
On the daily chart, the formation of the downward correction of the higher level as the second wave (2) has completed and the development of the wave (3) has begun. At the moment, the first entry wave of the lower level (i) of i of 1 of (3) is being formed, as part of which the wave iii of (i) has completed and a local correction is almost complete as the wave iv of (i). If the assumption is correct, after it is finished, the growth of the pair will continue to the levels of 1.3400–1.3564. The level of 1.3179 is critical and stop loss for this scenario.
The pair may grow.
On the daily chart, the first wave of the higher level (1) of С is being formed, as part of which the wave iii of 1 is developing. At the moment, the third wave of the lower level (iii) of iii started to form, within which the local correction ii of (iii) is being completed. If the assumption is right, the growth of the pair will continue to the levels of 111.50–112.35. The level of 109.15 is critical and stop loss for this scenario.
At 02:30 (GMT+2), the minutes of the last meeting of the Reserve Bank of Australia on monetary policy will be published, which may contain hints of further actions of the regulator. At the January meeting, the RBA left the rate unchanged at 0.75%, and the head of the bank, Philip Lowe, said that the regulator is still ready to further soften the monetary policy, if necessary, to support sustainable economic growth. Lowe also noted that forest fires and the Chinese epidemic could put near-term pressure on domestic growth.