Trading plan for 14/11/2017

The major currencies consolidate on Tuesday, with the exception of the NZD, which loses for no apparent reason. USD/JPY reached 113.60, the EUR/USD hit 1.1670. Pound managed to pull back after Monday due to political factors, although today in the morning we can see a return of pressure and the GBP/USD down to 1.31. Outside FX, the stock market in Asia is flat, similarly oil, and gold is slightly losing.

On Tuesday 14th of November, the event calendar is busy with the important news releases and various central bank representatives speeches. During the London session, Germany will issue GDP preliminary, ZEW Economic Sentiment and Consumer Price Index - EU Harmonised data, Switzerland will post Producer and Import Prices data, the UK will present Consumer Price Index data and Eurozone will post ZEW Economic Sentiment, revised GDP and Industrial Production data. During the US session, the PPI and Core PPI data will be published. The speakers of today are: BOE Governor Mark Carney, ECB President Mario Draghi, BOJ Governor Haruhiko Kuroda and Federal Reserve Chairperson Janet Yellen.

EURUSD analysis for 14/11/2017:

After a sleepy Monday, it was time for a real canon of events. As many as 11 members of the leading central banks will take the floor today with the main attention of the ECB, Fed, BoE and BoJ presidents. Unplanned comments are always possible, so it is worth to pay attention to sudden turnarounds. In addition, emotions can provide GDP from Euroland, CPI from Great Britain, ZEW from Germany and PPI from the USA.Plenty of the data from the Eurozone might impact the price of EUR/USD today.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market has managed to break out above the technical resistance at the level of 1.1690 and it looks like it is heading towards the 61% Fibo at the level of 1.1728. There is an important technical resistance zone just below this level, so any breakout higher might be the first clue of a trend reversal. Nevertheless, to continue upward, the market would have to break out above the golden trend line as well, so it will be a tough nut to crack for the bulls.

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Market Snapshot: NZD/USD sell-off continues

The price of NZD/USD failed to break out above the golden trend line resistance at the level of 0.6970 and it is being sold since then. The technical support at the level of 0.6882 had been violated already and now the price is getting closer to the next support at the level of 0.6814. Overall, the downtrend continues.

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Market Snapshot: Crude Oil consolidating the gains

The price of Crude Oil is now willing to drop towards the technical support at the level of $55.26 yet, instead the market is consolidating the gains between the levels of $56.38 - $57.91.The market is starting to be oversold, but the momentum is cleary pointing to the downside for now, so another leg down might be made to test the level of $55.65 before another bounce will happen. Reversal candlestick formations on a daily time frame chart support the downside bias.

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