It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
NZD/USD awaits volatility
2019-11-11 • Updated
SELL 1.6710; TP1 0.6665; TP2 0.6600; SL 0.6740
NZD/USD is about to experience a spike in volatility. Big moves may be triggered by the meeting of the Reserve Bank of New Zealand early on Wednesday.
Weekly and monthly timeframes show that NZD/USD has recently met long-term resistance and turned down. The pair is currently holding to the ultimate support at 1.6720 (100-day MA). The decline below this level will open the way down to 0.6665 (78.6% Fibo of the January advance, trendline support from September) and probably even 0.66 if we assume that the pair’s forming a “Shark” pattern.
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