GBP Strength Short Lived : NZDUSD Short Idea
Wed 25th October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- NZDUSD (Primary Focus Pair)
- EURNZD (Covered In Video)
- GBPAUD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
GBP strength from yesterday was short lived, with GBP now moving from the strong side of the live forex strength vs weakness tables, to the weak side.
NZD however remains on the weak side despite many of the NZD forex pairs pulling back.
NZDUSD has sparked our interest as yesterday’s daily close formed a rejection of a key D1 resistance.
This resistance was the D1 range lows of 0.5875.
Price has broken down through yesterdays daily (D1) candlestick lows, which could see the selling momentum continue.
Sellers could look to target the D1 key support level of 0.5750.
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