Sell below 0.7250. Stop loss at 0.7325. Take profit at 0.7100.
Reason for the trading strategy (technically) :
Remain bearish looking to sell on strength below major resistance at 0.7250 (horizontal resistance, Fibonacci retracement) to play the drop further to 0.7100 support (long term Fibonacci retracement, graphical swing low)
Stochastics (21,5,3) is approaching a key level of resistance at 93%.
Reason for the trading strategy (fundamentally) :
The major news event for USD is the Consumer Price Index. A higher value would strengthen the USD. We’ve been seeing a steady rise in CPI since the start of the year and we expect the same which means we are expecting a bullish USD. This goes in line with our bearish NZDUSD view.
Reason for the trading strategy (technically) :
Remain bearish looking to sell on strength below major resistance at 0.7250 (horizontal resistance, Fibonacci retracement) to play the drop further to 0.7100 support (long term Fibonacci retracement, graphical swing low)
Stochastics (21,5,3) is approaching a key level of resistance at 93%.
Reason for the trading strategy (fundamentally) :
The major news event for USD is the Consumer Price Index. A higher value would strengthen the USD. We’ve been seeing a steady rise in CPI since the start of the year and we expect the same which means we are expecting a bullish USD. This goes in line with our bearish NZDUSD view.
NZDUSD remains bearish
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