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AUD/USD: technical analysis 15 November 2019, 12:22

AUD/USD: technical analysis 15 November 2019, 12:22 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 0...

Nov 5, 2019

NZD/USD: New Zealand Dollar consolidates 05 November 2019, 10:25


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6445
Take Profit 0.6500, 0.6530
Stop Loss 0.6410, 0.6400
Key Levels 0.6332, 0.6361, 0.6374, 0.6400, 0.6440, 0.6464, 0.6500
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6370, 0.6355
Take Profit 0.6313, 0.6300, 0.6282
Stop Loss 0.6400, 0.6415
Key Levels 0.6332, 0.6361, 0.6374, 0.6400, 0.6440, 0.6464, 0.6500
Current trend
Yesterday, the NZD/USD pair fell moderately, being correcting after active the growth of the instrument at the end of last week. The development of negative dynamics in the instrument was due to the USD growth against the background of positive data from the October labor market report published last Friday. Also, investors were optimistic about the statements by US Secretary of Commerce Wilbur Ross about the imminent possibility of resuming cooperation between US companies and the Chinese corporation Huawei.
Today, during the Asian session, the instrument moves flat, waiting for new drivers to appear on the market. Some influence on the instrument has published macroeconomic statistics of China. Thus, the PMI Caixin index in the services sector in October fell from 51.3 to 51.1 points against a forecast of 52.8 points. During the day, traders expect the publication of the New Zealand dairy price index.
Support and resistance
On the daily chart, Bollinger Bands reverse horizontally. The price range consolidated; however, it remains spacious enough for the current level of activity. MACD grows, maintaining a poor buy signal (the histogram is above the signal line). Stochastic reversed downwards from the level of 80. Current indicator readings reflect the likelihood of negative dynamics in the ultra-short term.
To open new short positions in the market, it is better to wait for the signals from technical indicators to be clarified.
Resistance levels: 0.6440, 0.6464, 0.6500.
Support levels: 0.6400, 0.6374, 0.6361, 0.6332.


Trading tips
Long positions may be opened after the breakout of 0.6440 with the targets of 0.6500–0.6530. Stop loss – 0.6410–0.6400.
Short positions may be opened after the breakdown of 0.6374–0.6361 with the targets at 0.6313–0.6300 or 0.6282. Stop loss – 0.6400–0.6415.
Implementation period: 2–3 days.

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