16/11/22 Daily Currency Strength Analysis: NZDUSD Tops The Currency Strength Tables

Wed 16th November 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

• NZDUSD
• NZDCAD

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

NZDUSD- Tops The Currency Strength Indicator Tables

In today’s currency strength video we identified that NZD is S1 on the tables and the USD is W1 on the tables.

The NZD has been on the strong side of the trend tables since the 26th October. The USD also appeared on the weak side of the tables at this time seeing NZDUSD price rally over 400 pips from then. 

In this video we are going to explore whether the price will continue or if the price may be at a point of reversal.

Currently the USD weakness has been driven by the poor data coming out of the US. If this continues then the NZDUSD price could trade much higher.

At the moment the price is trading at key resistance of 0.6200 and if it holds it could signal a short term end to the rally. 

Technical Observations

• The NZD is S1 on both tables and the USD is W1.
• The pair first featured on the 26th October and price has rallied over 400 pips since then.
• Currently price is trading at the key resistance of 0.6200.
• This could be an area that buyers from the 0.5550 lows take some profits which could lead to a short term sell off.
• If this occurs then traders should wait for the price to return to the supporting highs of 0.6000 where we could see the trend resume.
• This level has multiple trendline confluences that add value to the level.
• A break and close above the 0.6200 handle could offer further long opportunities to breakout traders.