Current trend
Today, the pair demonstrates a positive trend against the background of a reduction in the trade deficit of New Zealand in October to –1.295 billion dollars, against the previous value of –1.596 billion. In annual terms, the trade deficit increased to –5.79 billion.
American investors are focused on preparations for the meeting of US President Donald Trump and Chinese President Xi Jinping at the G20 summit in Argentina. During the month, investors have been receiving a lot of contradictory information about this. The day before, Trump encouraged investors again, saying that China is ready to make a deal. Vice Minister of Commerce of PRC Wang Shouwen, in turn, noted that the American and Chinese trade representatives are in close contact. At the moment, the market is set to a positive outcome of the negotiations.
Today, traders should pay attention to the publication of House Price Index in the US (16:00 GMT+2). The market is expected to be moderately volatile.
Support and resistance
On the H4 chart, the instrument is trading at the center line of Bollinger Bands. MACD histogram is in the positive area keeping a signal for the opening of long positions.
Resistance levels: 0.6800, 0.6820, 0.6840, 0.6853, 0.6882.
Support levels: 0.6767, 0.6745, 0.6720, 0.6700, 0.6645, 0.6610.
Trading tips
Long positions may be opened from the current level with target at 0.6880 and stop loss at 0.6720.
Short positions may be opened from 0.6700 with target at 0.6645 and stop loss at 0.6730.
Implementation time: 1-3 days.
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 0.6781
Take Profit 0.6880
Stop Loss 0.6720
Key Levels 0.6610, 0.6645, 0.6700, 0.6720, 0.6745, 0.6767, 0.6800, 0.6820, 0.6840, 0.6853, 0.6882
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6700
Take Profit 0.6645
Stop Loss 0.6730
Key Levels 0.6610, 0.6645, 0.6700, 0.6720, 0.6745, 0.6767, 0.6800, 0.6820, 0.6840, 0.6853, 0.6882
Today, the pair demonstrates a positive trend against the background of a reduction in the trade deficit of New Zealand in October to –1.295 billion dollars, against the previous value of –1.596 billion. In annual terms, the trade deficit increased to –5.79 billion.
American investors are focused on preparations for the meeting of US President Donald Trump and Chinese President Xi Jinping at the G20 summit in Argentina. During the month, investors have been receiving a lot of contradictory information about this. The day before, Trump encouraged investors again, saying that China is ready to make a deal. Vice Minister of Commerce of PRC Wang Shouwen, in turn, noted that the American and Chinese trade representatives are in close contact. At the moment, the market is set to a positive outcome of the negotiations.
Today, traders should pay attention to the publication of House Price Index in the US (16:00 GMT+2). The market is expected to be moderately volatile.
Support and resistance
On the H4 chart, the instrument is trading at the center line of Bollinger Bands. MACD histogram is in the positive area keeping a signal for the opening of long positions.
Resistance levels: 0.6800, 0.6820, 0.6840, 0.6853, 0.6882.
Support levels: 0.6767, 0.6745, 0.6720, 0.6700, 0.6645, 0.6610.
Trading tips
Long positions may be opened from the current level with target at 0.6880 and stop loss at 0.6720.
Short positions may be opened from 0.6700 with target at 0.6645 and stop loss at 0.6730.
Implementation time: 1-3 days.
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 0.6781
Take Profit 0.6880
Stop Loss 0.6720
Key Levels 0.6610, 0.6645, 0.6700, 0.6720, 0.6745, 0.6767, 0.6800, 0.6820, 0.6840, 0.6853, 0.6882
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6700
Take Profit 0.6645
Stop Loss 0.6730
Key Levels 0.6610, 0.6645, 0.6700, 0.6720, 0.6745, 0.6767, 0.6800, 0.6820, 0.6840, 0.6853, 0.6882