New Zealand rate decision: Wednesday, 2:00, press conference at 4:00. The Reserve Bank of New Zealand rate decision significantly depends on the jobs report, but there is a substantial chance that Governor Adrian Orr and his colleagues will cut interest rates after May’s 25bp reduction from 1.75% to 1.50% and the pause in June. The RBNZ will have responded to recent trade tensions and the Fed’s rate cut, as well as some domestic concerns.
NZD
New Zealand rate decision
- EURUSD
As could be seen on the chart above that the pair is about to reach a strong resistance level that is the downtrend line shown on the chart in red. We will be waiting for the pair to show up some bearish evidence below this level then we can go short targeting the level of 1.11 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1500 ▪ 1.1450 ▪ — |
▪ – ▪ – ▪ 1.1118 |
We are bearish as long as the pair is traded below the resistance level of 1.13. |
- GBPUSD
As we can seen on the chart above that the pair is about to reach a strong support level that is 1.20 which is where we can look for some bullish evidence for an expected movement to the upside that is might reach the level of 1.25.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.36 ▪ 1.3310 ▪ 1.2550 |
▪ – ▪ – ▪ 1.20 |
We are bullish as long as the pair is traded above the level of 1.20. |
- GOLD
The pair managed to breakthrough a strong resistance level (support now) which opened the door for further upward movement during the week. We will be waiting for the pair to reach the broken support level of 1451 then we can enter the market (go long) targeting the level of 1495 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1510 ▪ 1500 |
▪ 1365 ▪ 1260 ▪ 1265 |
Waiting for the pair to reach the support level of 1451. |
- AUDUSD
The daily candle is very bearish but this doesn’t mean that the pair would continue going downwards. We shall wait for the pair to close below the level of 0.67 then the breakout of this level is confirmed which means that we can go short. But first we are waiting for the confirmation.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7550 ▪ 0.7600 ▪ 0.7000 |
▪ 0.6778 ▪ 0.68 ▪ – |
Waiting for the confirmation |
- GBPJPY
The pair managed to breakthrough a strong support level that is 133 which opened the door for further downward movement that is reached the level of 128. We will be waiting for a pullback to the broken level which is where we can go short again. So let us wait and see what will happen.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 ▪ 141 |
▪ 132 ▪ 131 ▪ 130 |
Waiting for some confirmations. |
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