Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
NZD/USD ahead of the RBNZ meeting
2019-11-12 • Updated
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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Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.