NZD/USD is preparing to take off

NZD/USD is preparing to take off

2019-11-11 • Updated

Recommendation:

BUY 0.7335

SL 0.7280

TP1 0.7445 TP2 0.7525

On the daily chart, NZD/USD keeps forming the inverted 5-0 pattern. The recoil of support at 0.7278 (38.2% of the wave CD) allowed traders to form longs in hope for a resumption of the uptrend. The necessary condition for this scenario is the return of the prices inside the borders of the short-term uptrend channel.

NZD1.png

On H1, NZD/USD is forming a “Dragon” pattern. The break of resistance at 0.7334-0.7337 (61.8% of the last bullish wave + the upper border of the descending trend channel + dragon’s head) will increase the odds of the bearish trend.

NZD2.png

Similar

Trade of The Week: AUDNZD Trade Breakdown
Trade of The Week: AUDNZD Trade Breakdown

The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...

NZD: Weak GDP Contracts NZD Growth
NZD: Weak GDP Contracts NZD Growth

The New Zealand Dollar (NZD) is under pressure due to concerns about the country's economic growth, exacerbated by bearish technical indicators and the US Dollar's strength. Recent data showing negative growth in New Zealand, with GDP contracting by 0.1% in Q4 2024, suggests a recession. Despite this, the Reserve Bank of New Zealand (RBNZ) has not ...

USD: Focus Shifts To Retail Sales & PPI
USD: Focus Shifts To Retail Sales & PPI

Ahead of the release of US February Retail Sales data, the US Dollar (USD) is showing a modest recovery. Analysts at BBH assess the potential impact of the upcoming data on the USD. A soft reading in spending could prompt another downward correction in the USD, as it might indicate a weakening consumer sentiment. Market expectations...

Latest news

CAD: Markets Await GDP Release
CAD: Markets Await GDP Release

During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera