Forecast – BEARISH

Date Posted:       6 Jan 2020

Currency Pair:     NZDUSD

Current Trend:    SIDEWAYS

Forecast Move:    DOWN

Key Tech Level:    0.6710

Potential Opportunity

Trade Action:   SELL RALLIES

Stop Loss          0.6723        -25 pips

Entry                  0.6698

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

Brad Gilbert

CEO & Founder of Traders4Traders – Brad has been trading for 28 years and was a former Chief FX Trader for Citibank. Brad trades all markets and all timezones.

Trades: EUR, GBP, AUD, NZD, CAD, JPY, CHF, DOW, SP500, OIL, GOLD

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