Daily Forex Market Preview, 22/01/2018

The U.S. dollar was seen closing with some gains on Friday, in the hope that Washington would pass the spending bill. Although it was cleared by the U.S. House, the bill stalled in the U.S. Senate. Late night talks over the weekend did not yield many results and lawmakers are expected to reach some agreement today.

The Euro was seen attempting to recover the losses on Friday but after rising to an intraday high of 1.2294, the currency pair gave up the gains and settled lower to close at 1.2223.

Looking ahead, the economic calendar is light today. The Eurogroup meetings are scheduled throughout the day while in the NY trading session, Canada will be releasing its wholesale sales data. Economists forecast an increase of 1.0% for the month.

NZDUSD 22-01-2018 Intra-day analysis

NZDUSD (0.7274): The Nzdusd continues to maintain its hold near the 4-month high. However, failure to post any higher highs at this level indicates that the currency pair could be looking to post a correction. On the 4-hour chart, immediate support is seen near the current higher lows at 0.7283. A break down below this level is required in order for NZDUSD to confirm the downside correction. The kiwi could be targeting 0.7160 followed by an eventual move towards testing the support at 0.7000 level.

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