Global macro analysis for 19/10/2017
October 19, 2017 1:23 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Global macro analysis for 19/10/2017:
In New Zealand, The Labor Party will form a cabinet with the support of the NZ First. The NZD/USD rate is almost 1.5% lower, so this violent reaction of the market is a sign that investors strongly favor the coalition of the Conservative Party with NZ First instead. Moreover, the sudden turn of the events on the New Zealand political scene turns out to be a gigantic surprise. New Zealand First (NZF) decision to enter the coalition with the Labour Party (LP) was announced by the leader of this group Winston Peters. As he explained, NZF came to a decision between – as he put it – “changed status quo and change” and decided to move towards change. The LP and NZF coalition will also be supported by the Green Party of New Zealand (GPA).
The Prime Minister for the 52nd New Zealand Parliament will be Jacinda Ardern, the Leader of the Labour Party. The 37-year-old Ardern, who led the Labor Party on August 1, will be the third woman to serve as head of New Zealand Government and the youngest leader in recent years. Due to its young age, the rapid rise in popularity and charisma is compared to Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron.
Let’s now take a look at the NZD/USD technical picture at the daily time frame. After the political news hit the financial markets, the reaction was very strong. The price broke through the technical support zone between the levels of 0.7089 – 0.7058 and is currently trading below this levels. The next support is seen at the level of 0.6970, but the price might first bounce from the golden channel line support around the level of 0.7000. The oversold market conditions support the short-term recovery bias.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: