EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/NZD targeting the demand zone at 1.7015
2019-11-11 • Updated
The pair has been trading in a bullish tone since November 9th but currently it’s off from November 17th highs and we can expect that it finds dynamic support in the 200 SMA. Such level coincides with the Fibonacci zone of 38.2% at 1.7107, where a rebound could take place in order to reach the mid-term target at -23.6% in 1.7593. To the downside, if the pair breaks below 1.6897, the next hurdle for sellers should be the 1.6622 level.
RSI indicator remains in the neutral territory.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.