Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 0.64457 with take profit at 0.64149.
Alternative scenario: Buy position is envisaged if price trades above 0.64753 with take profit at 0.65049.
Employment change q/q (NZD) 10:45 pm
Unemployment rate (NZD) 10:45 pm
Comment: The instrument still looks bearish as the bucksaw a surge against major currency pair, this could be attributed to the ISM manufacturing data coming out positive. Technically we have seen that the instrument is trading symmetrically, and there are a key support and resistance zones and if price breaks either, we expect the instrument would go in that direction.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 54.21 with take profit at 52.39.
Alternative scenario: Buy position is envisaged if price trades above 55.07 with take profit at 56.15.
No major economic data with direct bearing on the commodity today
Comment: The instrument sold technically yesterday as it broke strong support on the 1hr and 4hr, for now, we see the instrument retracted upward a bit but the bears are still going strong, so going short would be advisable for today.
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