The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
EUR/NZD: opportunities for sellers
2019-12-23 • Updated
EUR/NZD has been in a downtrend since the end of October. On the W1, the horizontal 50- and 100-week MAs have twice prevented the price from getting above 1.6975. On the D1, the 50- and the 100-day MA are in the negative order. In addition, the pair has breached the 2017-2019 support line at 1.6820. It’s now below the December consolidation range and will likely slide lower in line with the existing downtrend.
Currently EUR/NZD found some support around 1.6780 (78.6% of the July-October advance). The return to the 1.6825/60 area will likely provide selling opportunities. The outlook will remain bearish as long as the pair’s trading below 1.6975.
Notice that EUR/NZD tends to be quite volatile, especially during the thin holiday trading season.
SELL 1.6840; TP1 1.6690; TP2 1.6525; SL 1.6870
Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the...
Speculation persists regarding the Bank of Japan's potential departure from negative interest rates, yet the USD/JPY maintains its position within a 150–152 range for seven consecutive sessions. Caution is warranted due to a weaker-than-expected Q3 GDP, a slump in imports, and...
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.