Preference: Sell position is envisaged if price trades below 0.68362 with take profit at 0.68157.
Alternative scenario: Buy position is envisaged if price trades above 0.68556 with take profit at key level 0.68802.
Feds chair Powell Testifies (USD) 5:30 pm
Comment: This instrument has been ranging between a strong support and resistance on the H1, though for earlier part of the day there is no strong fundamentals news coming out from both currency to break out of these support and resistance zones. By 5;30pm we expect the Fed chairman, Powell and the Treasury Secretary Steven Mnuchin to testify before the House Financial Service Committee on the state of the US economy. Investors would be looking for dovish or hawkish statements in his remarks and testimony on where the US state of affairs is headed.
Preference: Sell position is envisaged if price trades below 0.63925 with take profit at 0.63788.
Alternative scenario: Buy position is envisaged if price trades above 0.64051 with take profit at key level 0.64227.
Feds chair Powell Testifies (USD) 5:30pm
Comment: The Kiwi has been ranging against the USD around a strong support on the H1. The pair is expected to keep moving within the support and resistance until there is a major fundamental that would cause a breakout.
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