Thread: Daily Market Analysis from FBS

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NZDCAD rises to the August resistance

02.12.2019


On the H1 chart of NZDCAD, the price has been rising today and has almost reached the August resistance level of 0.8598. As it has been moving above the upper band of the Envelopes, we may assume that this upward movement may continue until the price actually reaches this resistance. As the RSI and the Stochastic are already in the overbought zone, it is very likely that this level will be a market reversal point. Hence, bears need to wait until the RSI crosses the 70% upside-down and the Stochastic’s fast line crosses the slow one the same manner to confirm the downward reversal moment. The support levels for this scenario may be located at 0.8515 and 0.8500. An additional resistance level may be placed at 0.8613.
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It's NFP today! On December 6, the non-farm payroll numbers will give traders an idea of what’ll happen with the USD.
This time, the USD is boosted against the related currencies as the US-China situation is gradually improving, Will that impression be supported by the NFP release, in line with the average hourly earnings and the unemployment rate?
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