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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 9, 2019

NZD/USD: the pair is trading ambiguously 09 October 2019, 10:10


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6340
Take Profit 0.6400
Stop Loss 0.6300
Key Levels 0.6200, 0.6235, 0.6267, 0.6282, 0.6336, 0.6361, 0.6376, 0.6400
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6275, 0.6260
Take Profit 0.6200
Stop Loss 0.6290, 0.6300
Key Levels 0.6200, 0.6235, 0.6267, 0.6282, 0.6336, 0.6361, 0.6376, 0.6400
Current trend
Yesterday, the pair NZD/USD rose moderately. However, the instrument failed to consolidate at the new highs, and by the end of the daily session, the New Zealand dollar had lost most of its advantage. The pressure is exerted by sharply worsened prospects for concluding a trade agreement between the United States and China, which threatens to further slow the global economy down. Washington blacklisted some Chinese companies, banning them from working with American companies and accusing them of oppressing China’s Muslim minorities.
Today, during the Asian session, the price grows again, waiting for the appearance of new drivers on the market. Investors are focused on the speech of Jerome Powell and the publication of the FOMC Fed meeting minutes, which may clarify the prospects of the monetary policy of the regulator.
Support and resistance
On the daily chart, Bollinger bands are moving flat. The price range is slightly expanding from above but remains narrow enough for the current trend. The MACD indicator is growing, keeping a moderate buy signal (the histogram is above the signal line). Stochastic reversed downwards from the level of 80 and reflects the risks of corrective decline in the ultra-short term.
It is better to wait until the market situation is clarified before opening new positions.
Resistance levels: 0.6336, 0.6361, 0.6376, 0.6400.
Support levels: 0.6282, 0.6267, 0.6235, 0.6200.


Trading tips
Long positions can be opened after the breakout of the level of 0.6336 with the target at 0.6400. Stop loss – 0.6300.
Short positions can be opened after the breakdown of the levels of 0.6282–0.6267 with the target at 0.6200. Stop loss – 0.6290 or 0.6300.
Implementation period: 2–3 days.

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