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GBP/USD: general analysis 26 February 2020, 13:50

GBP/USD: general analysis 26 February 2020, 13:50 Scenario Timeframe Intraday Recommendation BUY Entry Point 1.2940 ...

Feb 13, 2020

NZD/USD: general review 13 February 2020, 09:05


Scenario
Timeframe Weekly
Recommendation BUY STOP
Entry Point 0.6480
Take Profit 0.6530
Stop Loss 0.6450
Key Levels 0.6290, 0.6410, 0.6480, 0.6530
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6410
Take Profit 0.6290
Stop Loss 0.6480
Key Levels 0.6290, 0.6410, 0.6480, 0.6530
Current trend
During yesterday's trading, the pair was able to reverse the long-term downtrend and consolidate above the level of 0.6450. This was made possible thanks to the reaction of market participants to the report of the Reserve Bank of New Zealand on monetary policy.
The New Zealand Monetary Policy Committee decided to keep the interest rate at 1.0%, after which a follow-up statement was provided. According to the RBNZ Governor Adrian Orr, low interest rates are necessary to maintain employment and inflation at target levels. Consumer price inflation is close to 2%, which corresponds to the target range, and economic growth in the second half of 2020 should accelerate due to credit and tax incentives.
Despite the fact that the USD Index is still kept at high levels near 98.700, the reaction of the market to yesterday’s speech by Fed Chairman Jerome Powell was not very positive, which only contributed to the growth of the pair.
Support and resistance
The global downtrend on the chart of the currency pair was interrupted and the price, breaking the resistance line, went up. The Alligator indicator reversed and gave a buy signal. The AO oscillator is above the zero level after the start of the development of the divergence signal.
Resistance levels: 0.6480, 0.6530.
Support levels: 0.6410, 0.6290.

Trading tips
If the asset continues growing and the price consolidates above 0.6480, buy positions with the target of 0.6530 will be relevant. Stop loss – 0.6450.
If the asset continues to decline, and the price consolidates below the local low at 0.6410, short positions can be opened with the target at 0.6290. Stop loss – 0.6480.
Implementation time: 5 days.

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