The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession.
The paths for NZD/USD
2019-11-11 • Updated
- SELL at 0.6843; TP1 0.6815; TP2 0.6775; SL 0.6860
- BUY at 0.6910; TP 0.7000; SL 0.6860.
NZD/USD reached the previous high at 0.6884 but failed to move higher. Yesterday’s candlestick closed below the 200-day MA. The daily MACD doesn’t confirm the recent high and the pair’s near the upper Bollinger band.
On H4, candlesticks with big upper shadows underline the significance of resistance at 0.6884. MAs are horizontal, so the pair may retest them correcting down.
Notice that a break of resistance, although it is a less likely scenario from the technical point of view, can happen on the news. In this case, we propose an alternative bullish trade using pending orders.
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