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USD/JPY: general review 21 May 2019, 14:14

USD/JPY: general review 21 May 2019, 14:14 Scenario Timeframe Weekly Recommendation BUY Entry Point 110.26 Take Prof...

Mar 15, 2019

NZD/USD: general review 15 March 2019, 09:13


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6860, 0.6875
Take Profit 0.6901, 0.6923
Stop Loss 0.6832
Key Levels 0.6743, 0.6772, 0.6787, 0.6807, 0.6832, 0.6854, 0.6871, 0.6886, 0.6901, 0.6923
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6830
Take Profit 0.6787, 0.6772
Stop Loss 0.6854
Key Levels 0.6743, 0.6772, 0.6787, 0.6807, 0.6832, 0.6854, 0.6871, 0.6886, 0.6901, 0.6923
Current trend
The New Zealand dollar showed a significant decline against the US one on Thursday, being pressured by growing uncertainty in the market.
The latest macroeconomic data from China was disappointing, which, coupled with rumors about a possible postponement of the meeting between the heads of the USA and the PRC, creates risks of further slowing of the global economy. However, by the close of the day session, the instrument managed to recover a significant part of the losses, which was a market reaction to the publication of disappointing macroeconomic statistics from the United States.
Today, the New Zealand currency shows moderate growth. The instrument is supported by data from New Zealand. The manufacturing PMI in February rose from 53.1 to 53.7 points. The number of tourists arriving in February rose from 3.1% to 5.3% YoY, which was noticeably above the average forecast.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is narrowing, reflecting the ambiguous dynamics of trading in the short/ultra-short term. MACD indicator is growing preserving a weak buy signal (histogram is above the signal line). Stochastic reversed down, approaching its maximum marks. The current readings of the indicator signal the possibility of correctional dynamics in the ultra-short term.
To open new transactions, one should wait for additional signals to appear.
Resistance levels: 0.6854, 0.6871, 0.6886, 0.6901, 0.6923.
Support levels: 0.6832, 0.6807, 0.6787, 0.6772, 0.6743.


Trading tips
To open long positions, one can rely on the breakout of 0.6854-0.6871. Take profit — 0.6901 or 0.6923. Stop loss – 0.6850-0.6832.
A rebound from 0.6854, as from resistance, followed by a breakdown of 0.6832, may become a signal for returning to the sales with the target at 0.6787-0.6772. Stop loss – 0.6854.
Implementation period: 2-3 days.

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