10/01/23 Daily Currency Strength Analysis: NZDUSD To Trade To 0.6450

Tues 10th January 2023

Today, Our Daily Currency Strength Weakness Video is looking at Trading Setups in:

• NZDUSD
• AUDUSD

NZDUSD To Trade To 0.6450

In today’s currency strength video we identified the USD as weak on both tables. The USD tops the trend traders table as the weakest currency. 

The weekly time frame shows the price formed a bullish pin candle. 

This type of price action suggests that the market found buyers at lower prices which could continue into the next week.

NZDUSD has been bullish ever since finding support at 0.6200. The demand from this area saw the price trade through three previous highs on the H4 chart.

Now price is above these highs we could see a retest and move higher towards the next resistance of 0.6450.

Technical Observations

• The NZD is S3 on the day traders tables and the USD is W1 on the trend traders table.
• The weekly closed as a bullish rejection candle.
• Price has traded through the weekly highs and above the key highs on a H4 chart.
• Price action on the H4 chart shows the price could be finding support at previous highs.
• The multiple wicks into the level shows buyers are interested at these prices.
• A breakout higher could offer opportunities to both Day and Trend traders.