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 may test the uptrend
2019-11-11 • Updated
BUY 1.7060; TP1 1.7130; TP2 1.72; SL 1.7040
BUY 1.7140; TP 1.7200; S: 1.7120
SELL 1.7040; TP 1.6990; SL 1.7055
Have a look at the pair EUR/NZD as it might present some interesting trade ideas. The pair’s been in an uptrend since the end of March. Last week, it reached resistance around 1.72 (January high) and then turned down forming a doji with a longer upper wick on W1.
It means that the air will likely test the uptrend support line at 1.7065/50 in the short-term. If the pair manages to rebound from this level, it will get a chance to revisit 1.7200. Conservative buyers may enter above 1.7140. However, the ADX indicator shows that the uptrend is losing strength. Still, as long as the trend is intact there are bigger odds that it will continue. A decline below 1.7050 will open the way down to 1.6990 (50-week MA) and probably 1.6925 (200-day MA).
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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