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USD/CAD: technical analysis 16 July 2019, 11:19

USD/CAD: technical analysis 16 July 2019, 11:19 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 1.303...

Jul 11, 2019

NZD/USD: general analysis 11 July 2019, 12:21


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6681
Take Profit 0.6726
Stop Loss 0.6648
Key Levels 0.6567, 0.6595, 0.6631, 0.6648, 0.6681, 0.6694, 0.6708, 0.6726
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6630
Take Profit 0.6570
Stop Loss 0.6670
Key Levels 0.6567, 0.6595, 0.6631, 0.6648, 0.6681, 0.6694, 0.6708, 0.6726
Current trend
The NZD/USD pair is falling against the background of the weakness of the US dollar, caused by the Fed's speech, which increased the risks of a rate cut during a regulator meeting on July 30–31. Statistics released in New Zealand today was ambiguous: growth in Electronic Card Retail Sales slowed down in June against to the previous month, reaching 0.0% but in annual terms, the indicator increased by 1.1%, which is a positive factor for the national currency.
Today, the market is waiting for the publication of data from the United States on the change in the consumer price index, excluding food and energy, at 14:30 (GMT+2), high volatility is predicted on the market.
Support and resistance
On the 4-hour chart, the pair is growing along the upper border of Bollinger bands, the price range is expanded, which indicates a likely continuation of the upward movement. The MACD histogram is in the negative region, the signal for opening short positions weakens.
Resistance levels: 0.6681, 0.6694, 0.6708, 0.6726.
Support levels: 0.6648, 0.6631, 0.6595, 0.6567.

Trading tips
Long positions can be opened from the level of 0.6681 with the target at 0.6726 and stop loss 0.6648.
Short positions can be opened from the level of 0.6630 with the target at 0.6570 and stop loss 0.6670.
Implementation period: 1–3 days.

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