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Trading ideas for EUR/USD, NZD/USD and S&P500

November 10, 2021

EUR/USD: The European currency rose a little against the US dollar on Tuesday. Investor sentiment in Germany rose in November on expectations that price pressures will ease at the start of next year and growth will pick up in Europe’s largest economy, as Germany’s figures showed yesterday. The Eurozone sentiment indicator also improved. Meanwhile, European and US policymakers had made speeches. Low European Central Bank interest rates are now hurting bank margins more than they are boosting lending volumes. At this point, the ECB maintains a wait-and-see stance. Today, Germany publishes the October Consumer Price and Harmonized Indices. The US will also release October CPI figures and Initial Jobless Claims for the last week. The local resistance level can be seen at 1.1615. A breakout to the upside can trigger growth to 1.1665.

BUY 1.1620/TP 1.1665/SL 1.1605


NZD/USD: The New Zealand dollar fell against the US dollar yesterday. Kiwi’s weakness comes despite data showing a solid rebound in consumer spending in New Zealand in October. Impact of the third quarter New Zealand lockdowns waning at the start of the fourth one. October Electronic Card Retail Sales rose, which means retail sales have now recovered about half of the near 20% drop seen in August when lockdowns first came into force across the country. Foreign exchange markets are currently traded within recent ranges due to market participants awaiting fresh macro catalysts, of which Wednesday’s US Consumer Price Inflation report of October could be one. The local support level can be seen at 0.7105. A breakout below could take the pair towards 0.7050.

SELL 0.7098/TP 0.7050/SL 0.7114


S&P500: US Indexes closed lower on Tuesday, ending a multi-day rally of consecutive record closing highs due to profit-taking and worries about inflation fueled. The Labor Department’s producer prices report showed inflation continues to gather heat because ongoing goods and labor supply challenges send price growth further beyond the US Federal Reserve’s average annual 2% inflation target. Five of the 11 major sectors of the S&P 500 ended the session down. Utilities led the gainers. The finish line for the third-quarter earnings season is in sight, with 445 of the companies in the S&P 500 having reported. Of those, 81% have beat market expectations.

BUY $4700/TP $4750/SL $4683