Oil is testing support
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
EUR/NZD is about to move
Trade ideas
SELL 1.7470; TP1 1.7400; TP2 1.7360; SL 1.7490
BUY 1.7600; TP 1.7680; SL 1.7580
EUR/NZD has recently made a number of attempts to approach 0.76 but all of them failed. The recent highs are not confirmed by the Awesome oscillator on the D1 and the H4. As a result, if the euro area releases weaker economic figures, the currency pair will suffer. The decline below 1.7475 (August 13 high) will open the way down to 1.7400 (50-period MA on H4) and 1.7360 (10-period MA). On the other hand, if the NZD is hit more by the trade war, the pair will have a chance of the advance from 1.7590 to 1.7690 (the line connecting May and August highs).
Elizabeth Belugina
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