NZDUSD Do Not Sell Yet

Tues 7th February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• NZDUSD
• NZDCAD (Covered in Video)
• GBPUSD (Covered in Video)

NZDUSD Do Not Sell Yet

In today’s currency strength video we identified that the United States Dollar (USD) tops both of the forex indicator tables. 

New Zealand Dollar (NZD) is the second weakest currency below the Great British Pound (GBP). The Canadian Dollar (CAD) is the second strongest currency.

We can focus our attentions on NZDUSD, GBPUSD and NZDCAD. 

NZDUSD has recently formed a top in the market at 0.6500.

Price then traded through a consolidation pattern after the USD strengthened due to the strong jobs data on Friday.

Currently price is trading sideways at the 0.6300 minor lows.

If price can move back to the upside it would offer us a better short trading opportunity. 

However, the USD strength could see price trade below 0.6300 which could offer a retest opportunity instead.

Targets for sellers will be the lows at 0.6200 and the daily 200 moving average which sits below.

Technical Observations

• The USD is S1 and NZD is W2 on the day traders table.
• Price rejected the highs at 0.6500.
• A consolidation break then followed as the USD strengthened.
• Support is being found at 0.6300.
• A break below will see sellers targeting support of 0.6200.