Gold prices bounced back on Wednesday, reaching $2,173.60 after briefly dipping to $2,150.00. Traders speculate that the US Federal Reserve (Fed) might reduce borrowing costs, but a recent report showing higher-than-expected inflation in the US could delay such actions. Despite signs of a cooling labor market, the US economy remains robust, with inflation
NZD/USD turned down
2019-11-11 • Updated
Trade ideas
SELL 0.6730; TP 0.6650; SL 0.6750
Last week NZD/USD made a significant thrust to the downside. The pair went below the 200-day MA that is now providing resistance in the 1.6730 area. The weekly pivot point is located at 1.6710 and the picture will remain bearish as long as NZD/USD is trading below this level. It looks like the pair is finally breaking the previous range between 0.67 and 0.6950 to the downside. That’s why we favor sell trades.
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Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...