The higher-than-expected inflation data for January has reignited concerns about rising prices and its implications for Federal Reserve policy. While investors had anticipated rate cuts in the near term, the hot inflation print may delay such actions. As the Fed navigates the delicate balance between containing inflation and...
How to trade NZD/USD on US-Iran news
2020-01-06 • Updated
Market sentiment has worsened on the news about the conflict between the United States and Iran. There are many ways to trade the risk-off sentiment. One of them is to sell NZD/USD.
Technically this idea looks quite reasonable. Last week the pair spiked above the 100-week MA but failed to close above it forming a big spike upwards. This is a sign that sellers don’t want to let the price get higher. On the smaller timeframes, there’s support around 0.6630 and then not much until 0.6580. This provides the scope for selling.
There will be sense to consider bullish positions only if NZD/USD returns above 0.6670. The next resistance will be at 0.6720 (100-week MA).
SELL 0.6625; TP 0.6580; SL 0.6640
BUY 0.6675; TP 0.6715; SL 0.6650
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