Our Tables Show Us What To Trade
Thurs 11th May 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- NZDUSD (Primary Focus Pair)
Primary Focus Pair: Overview
NZDUSD
NZD continues to top our live forex strength and weakness tables, however, will it remain strong?
USD has appeared on our tables as weak suggesting NZDUSD could trade higher.
Taking a look where the NZDUSD is positioned, it is up against a strong level of resistance.
This resistance at 0.6375 formed by the highs in February and April of this year, could act as resistance again.
If we want to be long in this market we would want to be long from an area of support, in this case the prior lows at 0.6100.
But this could be a long shot considering price is trading near 300 pips above this zone.
The H4 chart shows price in an upward trend, and trading near the H4 lows.
If price finds support here it could trade back to the resistance highs.
However this would be a risky move and probably one best suited for day traders.
The safest option would be to wait for price to trade through the highs at 0.6375, and wait for a retest on the other side.
Buyers could then look to target the next level of resistance at 0.6500.
Technical Observations:
- USD is W2 and NZD is S1 on the day traders tables.
- Price is currently rejecting the minor range highs at 0.6375.
- If the price trades lower from here, the trade long is no longer an option.
- However, if the price trades through the resistance highs, buyers could target the next resistance.
- The next level of resistance would be at 0.6525.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
