Today, traders will be focused on start of the election period, the U.S.-China agreement, and the success of BMW.
News
The UK officially launches election campaign. Affects the GBP
The EU and China agreed to protect 200 items of goods in each other’s territories. Affects the EUR
BMW’s Q3 profits rose 33%. Affects BMW
Tesla plans to double the number of repair and maintenance shops in China. Affects Tesla
Retail sales have increased in the EU: the result was 3.5% against the forecast of 2.5%. Affects the EUR
Calendar
12:00 GMT
The Bank of England takes the interest rate decision. The rate is expected to be kept at the same level of 0.75%. The Bank’s Governor Mark Carney is to comment on the economic situation at 12:30 GMT. Both events may lead to an increase in the volatility of the GBP.
Technical analysis
BMW
The giant automaker’s shares lost over 40% of their maximum values but the company’s Q3 revenue went up 33%. This result due was achieved thanks to stronger SUVs sales, as well as the absence of one-off factors.
If the share price breaks above 73.10 it will open the way to 77.60.
Gold
The asset’s position provides great opportunities for buying. The level of 1480,00 has repeatedly become a resistance. This pattern may occur again.
NZD/USD
The asset is under pressure of the bearish divergence, which occurred on a daily timeframe. A “double top” pattern is another short signal.
NZD/USD on this day in history
- Since 2000, November 7 has been a trading day 15 times.
- On 53% of those days, the asset ended with growth.
- The maximum reinforcement range was 1.71%.
- The trend down was limited to 1.03%.