How to trade NZD/USD on US-Iran news

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).

Trade ideas

SELL 0.6625; TP 0.6580; SL 0.6640

BUY 0.6675; TP 0.6715; SL 0.6650

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