Asian equity markets mostly lacked firm direction as bourses took their cue from the rangebound session in the US where tech losses were offset by cyclicals.
NZD/USD will move on the Fed’s meeting
2019-12-11 • Updated
SELL 0.6515; TP1 0.6496; TP2 0.6470; SL 0.6535
The New Zealand currency is not feeling very well on Wednesday as investors have obviously decided to take profit. NZD/USD met resistance around 0.6565 (61.8% Fibonacci of the July-October decline, top of the October-December bullish channel). The pair is now testing levels below the 200-day MA (0.6535). The line itself has a bearish bias. The meeting of the Federal Reserve will increase volatility. A decline below 0.6520 (50-period MA on the H4) will open the way down to 0.6496 (50% Fibonacci) and 0.6475/65 (100-period MA, November high). The ultimate support is at 0.6427 (support line). As for resistance, above 0.6565 it lies at 0.6585 (50-week MA, the long-term downtrend resistance line). This area will likely limit the upside if the USD gets in trouble.
The dollar was down on Wednesday morning in Asia, despite caution over the new B.1.1.7 strain of the COVID-19 virus pushing investors turn toward safe-haven assets.
US stocks are set to extend Monday’s losses when markets open later, as concern about the spread of lockdown measures to tackle the pandemic returns to haunt cyclical stocks.
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