Forecast – BEARISH
Date Posted: 6 Jan 2020
Currency Pair: NZDUSD
Current Trend: SIDEWAYS
Forecast Move: DOWN
Key Tech Level: 0.6710
Trade Action: SELL RALLIES
Stop Loss 0.6723 -25 pips
Take Profit 0.6623 +75 pips
Chart & Forecast Details
It looks like the party is already over for the NZDUSD as it’s already broken down through short term support at 0.6688. It’s currently sitting in the middle of the range with a slight downward bias. With no major data due I’m expecting the NZDUSD to follow the AUDUSD lower. Since we have no clear downside entries I’ll be looking to get short on rallies back towards 0.6700. Friday’s US NFP data will be the big directional release this week.
Key Trade Day: Friday 10th Jan – US NFP Employment Change
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