Newzeland
SHORT ON AUD/NZDPrice has formed a Major Rising Wedge (bearish reversal pattern) on the 4hr tf.
Price is also at a Major resistance zone with Bearish divergence on the RSI.
I expect price to do some sort of a stop hunt taking out the previous high before falling.
Here is the play I will be taking:
(SELL STOP ORDER)
Entry - 1.07546
Stop Loss - 1.08118 - 57.2 pips
Take Profit - 1.03486 - 406 pips
*** This is a SWING trade! ***
GBPNZD: Your Potential SetupThis one is diving inside a resistance zone while hovering around a non-horizontal support which gives us insights on a potential selling opportunity if the price manages successfully to break the trendline. It would be better if a 3rd confluence can be spotted such as a double top or a head and shoulder pattern to add more confirmation on this one. Until then, this one is overall bullish and everything can be expected.
NZDJPY a big step forwardMy advisor MarketMiracle generates a LONG entry signal for NZDJPY at the price 78,87 with a target price of 79,97 with a possible profit of 1,40%
Checking the chart configurations I verified that the current situation is actually compatible with the forecast.
There are no particular obstacles and the wave of the big players (Mmiracle Viewer yellow color) compensates very well the wave of the medium players who are instead selling the NZD.
The market sentiment is slightly positive (0.03) so it should facilitate the rise in prices.
The previous days I published other ideas always consistent with these as they predict weakening of JPY.
I expect a few days of slight uphill climb until even the small or medium players will start to buy NZD or sell JPY, perhaps in conjunction with macroeconomic information that as usual can change everything.
This Idea is produced on the basis of the data provided by the advisor Marketmiracle whose signals are available for free at the link below.
PBoC, Inflation and Jobless Claims – Week aheadThe markets continue to grapple with the immediate effects of the Coronavirus. The second wave in pockets of the world has forced cities to take active measures to control the virus. Melbourne, Australia has gone into a secondary lockdown while Florida and Los Angeles see cases surge, with the Mayor of Los Angeles stating that the city is “on the brink” and a Democratic representative from Florida reports the outbreak is “totally out of control.” Here is your week ahead
Monday, 20 July – Peoples Bank of China Interest Rate decision
China’s Central Bank, the Peoples Bank of China has been wary of cutting interest rates, even during the peak of the pandemic. Ma Jun, a PBOC adviser, stated in early April, “The PBOC doesn’t use its bullets all at once. China has plenty of room in monetary policy.” The PBOC has kept interest rates at 3.85%, after dropping it 30 basis points from 4.05% in April. However, forecasts and estimates expect the PBoC to keep rates as is at 3.85% this week ahead.
Tuesday, 21 July – Inflation rate YoY Bank of Japan
With 660 new cases of the Coronavirus yesterday, Japan has struggled to keep ahead of the virus after the world praised it for its lighter approach to restrictions. However, that approach, as seen similarly from Australia, has not bode well for the country. Japan has seen triple-digit daily increases for the whole month of July. This has caused consumption and spending to decrease dramatically. Analysts predict an inflation rate of 0.1%; however, there is a high chance that this may be pushed to the downside, which may put downward pressure on the JPY.
Tuesday, 21 July – Reserve Bank of Australia minutes
Australia is continuing to grapple with the effects of the Coronavirus, with Melbourne being put back into lockdown and the state of Victoria imposing mandatory mask restrictions. With RBA minutes earlier in the year having a tone of optimism, likely, that tone will not continue here. The second lockdown is a massive blow to the country, socially and economically. The Trans-Tasman bubble between New Zealand and Australia has been delayed, with economic activity in the state of Victoria plummeting. We may see Aussie weakness against its New Zealand counterpart as Australia reels back their reopening.
Thursday 21st July – Canada Consumer Price Index (CPI)
Canada continues to post double-digit daily Coronavirus cases as they, too, implemented a looser lockdown restriction like Japan and Australia. We saw a drop in the CPI from March to April as citizens decreased their spending. We saw a slight increase in the Month of May, however, analysts expect to stabilize around 137 for the month of June.
Thursday 23 July, US Initial Jobless Claims
With Initial Jobless Claims posting the smallest decline since March last week, the US jobs market is showing a slight rebound. However, we are all aware of the current situation with the Coronavirus cases in the US. Florida and Los Angeles are posting daily record numbers every week, while President Donald Trump focuses on reopening the economy and the US-China trade deals. I expect this number to slowly creep up as the full effects the second wave of the Coronavirus becomes evident. Analysts predict Jobless Claims to drop to 1.29m from 1.3m previously.
We have seen this mindset in the market, which discounts negative news and rallies on positive news. This is partially due to liquidity propping up many markets. Investors and traders must take this into account when placing trades.
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Reserve Bank of New Zealand Slashes Interest RateThe unexpected interest rate cut last Wednesday from the Reserve Bank of New Zealand caused a wave of shock to other major currency pairs in recent sessions.
Analysts believed that the depleting value of the Chinese yuan has pushed China’s allied country, New Zealand, to take actions. The Chinese government allowed the yuan to go down as a countermeasure for Trump’s tariffs.
The Reserve Bank of New Zealand has slashed the NZD interest rate on 50 basis points. The moved startled the market, catching traders and analysts off guard.
Before the announcement on Wednesday, analysts were expecting a 25-basis point rate cut from the Reserve Bank of New Zealand. However, the outcome went beyond expectations.
The move of the RBNZ has caused some major currency pairs to surge or drop. The AUD was one of the most affected currencies.
AUD traders shifted to bearish stance after the news broke. Analysts are expecting the Central Bank of Australia to follow the steps of the Reserve Bank of New Zealand.
The AUD struggled against the USD on Wednesday but somehow managed to recover on Thursday inching up 0.46% or 0.0031 points.
The USDNZD had an opposite run, the pair surged on Wednesday but was seen inching back down on Thursday sessions.
Meanwhile, the AUDNZD continued its rally since the announcement on Wednesday. The AUDNZD gained another 0.17% on Thursday, however, gains were limited are expected to slow down in future sessions.
Another Cut?
The Reserve Bank of New Zealand’s new OCR came as a surprise to some who are expecting a lower 25 bps. After the move, analysts are now expecting a smaller cut soon.
According to a report, officials of the Reserve Bank of New Zealand debated over a 25 bps and 50 bps rate cut. But the decision came to a 50 bps after officials were assured that the move will meet the inflation and employment goals of the country.
Concerns about the impact of the massive trade conflict between China and the United States have weighed on New Zealand’s economy.
The country has recorded its economy of slowing down to 2.5% after investors lose their confidence because of the trade war. The weakening consumer sentiment and the drop in house prices have all burdened New Zealand’s economy.
The RBNZ anticipates the economic growth rate to inch up to 2.7% after the said cut. The bank said that it expects business investments to rise due to the low interest rates.
Source
EUR/NZD is currently at interesting point! Breaks or NOT?Looks like EUR/NZD is about to show us something interesting. If it breaks the line -----> Bearish trend down to 1.62000 level
If it won't break the line -----> then we will see a further upward movement possibly up to 1.74000. Fundamentals are in favour of EUR!
So let's keep an eye on this lovely currency pair!