Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.
EUR/NZD is in a triangle
2019-11-11 • Updated
SELL 1.7240; TP1 1.7170; TP2 1.7050; TP 1.7260
BUY 1.7455; TP 1.7550; SL 1.7435
EUR/NZD met resistance in the 1.7570 area, at the line connecting the 2019 highs. The pair failed to close near this level last week and went down to consolidate around 1.7325. On H4, we can see that the consolidation is taking the form of a triangle and that Awesome Oscillator got into the negative territory. The decline below 1.7250 (lower border, 50-period MA) will open the way down to 1.7170 (38.2% Fibo of the July-August advance) and 1.7050 (50% Fibo).
The upper border of the triangle at 1.7430 likely provide resistance. Above it, the pair will have a chance to retest 1.7570, but only a break above this level can open the way to 1.7800.
The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
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