
The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
2019-11-11 • Updated
On the daily chart, NZD/USD made several attempts to bring the quotes outside of the descending channel but failed. In order to break the short-term descending trend, buyers need a successful test of 0.7070. On the other hand, the return of the quotes to 0.6975 and its following break will increase the risks of a 5-0 pattern.
On H1, NZD/USD successful test of support at 0.6975 will trigger the Shark pattern. Its 113% target is close to 0.687. To resume the medium-term bullish trend the buyers need to return the price inside the previous uptrend channel.
Recommendation: BUY 0,707 SL 0,7015 TP 0,7205, SELL 0,6975 SL 0,703 TP 0,687.
The New Zealand dollar has been really strong lately. Will it beat the multiyear highs?
The dollar gains against low-yielding currencies on Wednesday, hitting a five-month high against the yen as US bond yields jumped on the prospects of further economic recovery.
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On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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