Trading plan for November 7

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We are waiting for the meeting of the Reserve Bank of New Zealand. Although the market doesn’t expect any changes in the interest rate, comments on the economy and monetary policy will affect the direction of the kiwi. Up to now, there are uncertainties about the future direction of the pair. During the day, the strength of the USD will be moving the pair. To the end of the day, comments of the central bank will affect the New Zealand dollar. Key levels for today. In the case of the weak USD and optimistic central bank, the first resistance at 0.6769, the next one is at 0.68. If the USD strong and the central bank is dovish, the support is at 0.67, the next one is at 0.6676.

On November 5, American sanctions on Iranian oil production came into the full force. The market anticipated that it would boost oil prices as the decline in supply always supports the oil market. However, prices kept going down because the US allowed Iran’s biggest customers to continue buying its crude. Today we will look at Crude Oil Inventories data. If the actual figure is greater than the forecast, Brent and WTI will fall further down. The first support for Brent prices is at 70.78. The next one is at 69.93. WTI may fall to 60.90. The next support is at 60.11. In the case of the weaker figure, for Brent the resistance will lie at 72.87, the next one is at 74.11. WTI will be able to rise to 62.90. The next resistance is at 64.11.