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The GBP/NZD pair has recorded new highs and a correction wave is expected.
This month the British Pound rose by more than 800 pips against the New Zealand Dollar from 1.8520 to 1.9332. We took around 405 pips when we bought the pair at 1.8455, as we mentioned in our last report on October 3rd when our target was at 1.8860. Today we will take another look at the chart to discover a new profitable opportunity.
The pair has been trading inside a price channel for a year and the prices nearly reached its upper limit. In addition, around the same levels 1.9315-1.9350 there is a resistance area, so that the pair declined more last Friday. It’s expected that the prices will decline to the support level 1.8950, but the main direction is still up; that is in case the pair is still trading inside the price channel, above the trendline and the MACD bars are above the zero level.
The Next Few Days
After we saw that the pair couldn’t break the resistance level 1.9315 we can sell the pair now at 1.9190 and take our profit at 1.8970. Then we have to wait for the breaking down or rising again after touching the support level but we expect that the prices will break the support level to test the trendline around 1.8650 and go up to make new highs.
This week we have much hot news from the UK and New Zealand, so we have to focus on the news results that will affect the market. On Tuesday we have the Unemployment Rate from New Zealand, as well as the PMI’s data and official bank rate from the United Kingdom on Wednesday, Thursday and Friday, respectively.

Today the pound is no way affected by any economic indicators, but in the eurozone we expect a number of economic indicators, including the consumer price index for October and GDP figures for the last three months. Output data rates may contribute to the strengthening of the euro.
See more here: https://superforex.com/analytics/eur...nalysis-311017

The JPY has weakened due to a decision by the BoJ to leave the rate unchanged, while the CAD was supported by high oil prices and has all chances for growth.
More information look here: https://superforex.com/analytics/cad...orecast-011117

EUR/USD Technical Analysis & Daily Chart

Yesterday there was a Federal Reserve meeting and a publication of their interest rate decision, which was left unchanged at the previous level of 1.25%.
More information see here: https://superforex.com/analytics/eur...y-chart-021117

The GBP/CAD is inside a price channel and we expect new highs after the divergence.
The GBP/CAD has risen by more than 430 pips in October after changing its old downward direction to an uptrend in September. More information see here

The dollar continues to enjoy the support of investors amid expectations of the adoption of a new tax reform, but Donald Trump requires the Senate's support for the implementation of the tax changes. At the same time, Republicans are developing another form of tax reform, as many senators oppose a substantial increase in the budget deficit.
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With new developments in Saudi Arabia, the oil seems to be climbing up.
A lot has been going on with the commodity markets lately, so we decided that this week it’s high time we revisited one of the key topics on the financial markets – crude oil.
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The British pound continues to fall.
After the announcement by the US Senate on the introduction of a tax reform in 2019, the stock markets have reacted in a slight decrease and stopped the 8-week dollar rally.
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Today a number of macroeconomic indicators are going to be released, as well as a number of statements from heads and members of the central banks of Europe and the United States.
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Oil came under pressure due to new forecasts about global demand for crude oil which show balance on the market won't be achieved in the near future amid increasing extraction of shale oil in the USA.
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