NZD/USD ahead of the RBNZ meeting

NZD/USD ahead of the RBNZ meeting

2019-11-12 • Updated

Trade ideas

SELL 0.6335; TP1 0.6300; TP2 0.6260; SL 0.6355

BUY 0.6390; TP 0.6425; SL 0.6375

A bearish “engulfing” pattern was formed on the W1 chart of NZD/USD around the 38.2% Fibonacci retracement level of the July-October decline. The pair’s currently is trying to return above the 50-day MA in the 0.6340 area, but we have to be cautious about the upside. The Reserve Bank of New Zealand is expected to cut its benchmark interest rate early on Wednesday that creates a big risk for the NZD. The decline below 0.6340 will open the way down to 0.6320 (last week’s low) and 0.6300 (support line connecting October lows). The loss of 0.6300 will lead to a bigger fall to 0.6260 (78.2% Fibo of the October-November advance). On the upside, resistance is at 0.6365 and 0.6385. Only the advance above the latter will open the way up to the October highs in the 0.6425/35 area. 

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