EURCAD: Bearish below daily pivot

ASIA ROUNDUP:

• NZ Trade Balance came in above expectations to see the Kiwi Dollar break to a 2.8yr high. It edged lower during early Asia and trades below Weekly R2 Pivot. 

• Japan's jobless rate falls to lowest in 17 years in May; Inflation slows slightly with retail sales down -0.4%, however coming in better than the -1.9% expected and last months -4.9%.

UP NEXT:

• UK GDP is the 3rd release, so generally not as much volatility can be expected unless the first two are heavily revised. However any positive readings will add further pressure for BoE to raise interest rates 'sooner than later'.

• UK Current Account continues to be in decline with today's consensus... 

• German Data, whilst listed as 12:00 GMT, is data that is released throughout the trading day as it comes from 6 separate states. Therefore it is something to be aware of to assess overall strength of Eurozone, but may be harder to trade the data itself.

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TECHNICAL ANALYSIS:

EURCAD: Bearish below daily pivot

Whilst price trades within a potential bearish continuation pattern, it also allows plenty of room to trade back to the daily pivot before losses resume. With Euro data out tonight and NZD currently the strongest FX currency there is room for movement here, regardless of which direction.

EURNZD: One more dip lower?

Whilst 1.5532 has just been rejected by a Bearish Engulfing candle on H4 to suggest a swing high is in place, the preceding upswing did break a bearish trendline to warn of pending strength. This leaves room for a deeper retracement towards 1.555 before a resumption of the bullish trend.

However due to NZD being the strongest Major currency at the moment further losses are expected. It is just a case of identifying the end of the [suspected] current correction.