Top Forex Trade Setups & Economic Events Today – RBNZ Stays in Highlights

• The dollar index, which measures the Greenback against a basket of six major currencies, was steady at 97.05.
• The market may remain volatile over RBNZ Financial Stability Report and the US Consumer Confidence.
• Check out quick trade ideas for GBP/USD and NZD/USD today.

USD – CB Consumer Confidence

Consumer confidence is expected to be 136.2 in November, slightly down from a strong 137.9 version in October and the 17-year high of 130.0 in the month of February. It will be released at 14:00 (GMT).

Why Consumer Confidence Matters?
Fellas, the financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. For instance, you will spend more only if you are confident about your job or business. It’s pretty logical to say better than expected data is considered good for the economy.

GBP/USD – Brexit Uncertainty Plays

On Monday, Prime Minister Theresa May hinted that Britain would be shoved into the unknown if the Parliament refuses the Brexit deal she has settled with the European Union, as lawmakers from all foes lined up to criticize the agreement.

GBP/USD – Technical Outlook
On the 4 hour chart, the GBP/USD is trading bearish after testing a strong resistance level at 1.2900. For the moment, the pair is trading near $1.2825 and it may face an immediate resistance near $1.2950 and $1.3045 along with a support near $1.2750.

Daily Technical Levels
Support   Resistance
1.2791      1.2946
1.2704     1.3015
1.2548     1.317
Key Trading Level: 1.2859

GBP/USD – Market Sentiment
Weekly – Strong Sell
Daily – Strong Sell
Hourly – Sell

GBP/USD – Trade Plan
Today, the idea is to stay bearish below $1.2860 with a stop above $1.2885 and a take profit of $1.2750.

NZD/USD – RBNZ Financial Stability Report in Focus

The RBNZ Financial Stability Report is due to come out at 21:00 (GMT) and it provides insights into the bank’s view of inflation, growth, and other economic conditions that will affect interest rates in the future. Investors are advised to look for clues about the next policy meeting.

Technically, the NZD/USD has crossed below 20 & 50 periods EMA to trade in the bearish channel at $0.6750. The channel is supporting the pair near $0.6740 but the bearish breakout is likely to push the pair near $0.6700. On the other hand, the pair can face resistance near $0.6815 and $0.6880 today.

Daily Technical Levels
Support   Resistance
0.6795     0.6827
0.6776     0.684
0.6744     0.6872
Key Trading Level: 0.6808

NZD/USD – Market Sentiment
Weekly – Buy
Daily – Strong Sell
Hourly – Sell

NZD/USD – Trade Plan
Today, the idea is to stay bearish below $0.6800 with a stop above $0.6835 and a take profit of $0.6715.

That’s all for now, stay tuned for live market updates and forex trading signals. Good luck!