GBPUSD & NZDCHF In Profit : NZDUSD To Trade Lower
Thurs 19th October 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- NZDUSD (Primary Focus Pair)
- NZDCHF (Covered In Video)
- GBPUSD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| NZDUSD (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 0.5875 | ||
| Entry Price | If Alert level is tested: Sell Stop Order below circa 0.5865 | ||
| Stop Loss (Min) | 0.5925 | -60 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.5775 | +90 Pips | 1 : 1.5 |
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
NZD remains the weakest currency on both our trend traders and day traders tables.
We recently shorted NZDCHF and price has continued lower heading towards our targets.
This has been helped by NZDUSD price breaking through a range low, seen on the daily (D1) chart, between the levels of 0.5875 lows and 0.6050 highs.
Now price has broken down through this range low we could see price continue to trend lower, towards the next level of support which is 0.5775.
This level 0.5775 is formed from the daily lows of Thursday 3rd November 2022.
If price retests the range lows of 0.6050 as resistance it could continue to form a downward trend.
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Primary Focus Pair Chart:
Technical Observations:
- NZD is W1 and USD is S2 on both tables.
- Price has broken down through a daily range.
- This zone could act as resistance if price can retest.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
