Current trend
At the moment, the instrument is declining, updating local lows.
The main reason for the weakness of the pair is the strengthening of USD. This week, the macroeconomic reports from the US systematically exceed forecasts, reinforcing the "bullish" momentum of USD. In addition, on Wednesday, the Fed Chairman Jerome Powell expressed confidence that the regulator is no longer facing the problem of low inflation, which also supported the US dollar.
At the same time, weak data from the New Zealand labor market and falling commodity prices exert pressure on the pair.
Today at 14:30 (GMT+2), the data on employment will be published in the US. In addition, investors monitor the development of the trade conflict between the US and China.
Support and resistance
On the H4 chart the pair is decreasing along the lower line of Bollinger Bands. The indicator reversed downwards, and the price range has expanded, which indicates the continuation of the downtrend. MACD is keeping a stable sell signal.
Resistance levels: 0.6500, 0.6540, 0.6576, 0.6637, 0.6690, 0.6730.
Support levels: 0.6454, 0.6375, 0.6337.
Trading tips
Short positions may be opened from the current level with target at 0.6340 and stop loss at 0.6505. Implementation period: 1-2 days.
Long positions may be opened above 0.6505 with target at 0.6545 and stop loss at 0.6490. Implementation period: 1 day.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 0.6462
Take Profit 0.6340
Stop Loss 0.6505
Key Levels 0.6337, 0.6375, 0.6454, 0.6500, 0.6540, 0.6576, 0.6637, 0.6690, 0.6730
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6510
Take Profit 0.6545
Stop Loss 0.6490
Key Levels 0.6337, 0.6375, 0.6454, 0.6500, 0.6540, 0.6576, 0.6637, 0.6690, 0.6730
At the moment, the instrument is declining, updating local lows.
The main reason for the weakness of the pair is the strengthening of USD. This week, the macroeconomic reports from the US systematically exceed forecasts, reinforcing the "bullish" momentum of USD. In addition, on Wednesday, the Fed Chairman Jerome Powell expressed confidence that the regulator is no longer facing the problem of low inflation, which also supported the US dollar.
At the same time, weak data from the New Zealand labor market and falling commodity prices exert pressure on the pair.
Today at 14:30 (GMT+2), the data on employment will be published in the US. In addition, investors monitor the development of the trade conflict between the US and China.
Support and resistance
On the H4 chart the pair is decreasing along the lower line of Bollinger Bands. The indicator reversed downwards, and the price range has expanded, which indicates the continuation of the downtrend. MACD is keeping a stable sell signal.
Resistance levels: 0.6500, 0.6540, 0.6576, 0.6637, 0.6690, 0.6730.
Support levels: 0.6454, 0.6375, 0.6337.
Trading tips
Short positions may be opened from the current level with target at 0.6340 and stop loss at 0.6505. Implementation period: 1-2 days.
Long positions may be opened above 0.6505 with target at 0.6545 and stop loss at 0.6490. Implementation period: 1 day.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 0.6462
Take Profit 0.6340
Stop Loss 0.6505
Key Levels 0.6337, 0.6375, 0.6454, 0.6500, 0.6540, 0.6576, 0.6637, 0.6690, 0.6730
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6510
Take Profit 0.6545
Stop Loss 0.6490
Key Levels 0.6337, 0.6375, 0.6454, 0.6500, 0.6540, 0.6576, 0.6637, 0.6690, 0.6730