Our Forex Buy/Sell Trading Signals have aggressively sold the US dollar against the British Pound, Japanese Yen, and Canadian Dollar on the day’s trade. Such a confluence of US Dollar selling is very much consistent with our recent US Dollar technical outlook and coincides with a very clear repricing of US Dollar interest rate expectations.
In fact, markets have gone from pricing in Fed rate hikes in the coming 12 months to expecting a Fed rate cut through tomorrow’s announcement. Such developments are very much bearish for the US dollar, and we could see further losses through near-term trading.
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[B]NZD/USD for November 13, 2015 [/B]
NZD/USD is expected to trade in a lower range as the key resistance is at 0.6590. The pair is capped by its descending 50-period intraday MA and remains on the downside. Meanwhile, the intraday RSI lacks upward momentum. The first target to the downside is therefore set at 0.65. A break below this level would open the way to further weakness towards the horizontal support and overlap at 0.6475.
[B]Trading recommendations:[/B]
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.65. A break of that target will move the pair further downwards to 0.6475. The pivot point stands at 0.6590. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6625 and the second target at 0.6645.
Resistance levels:0.6625 0.6645 0.6675 Support levels: 0.6500 0.6475 0.6435
