NZDUSD Hits Targets: Where To Next?

Wed 18th January 2023 : Daily Currency Strength Analysis

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

• NZDUSD
• AUDUSD

NZDUSD Hits Targets: Where To Next?

In today’s currency strength video we identified that the New Zealand Dollar remains the top of the day traders table, this could offer us a trading opportunity against the USD which tops the weak side of both tables.

At 1.30pm we are expected to see Retail Sales data out of the US fall from previous, which could add to the USD weakness in the market.

The last time we featured NZDUSD we looked to buy into the 0.6450 resistance. Now our targets have been met and the price has traded above this level we can look for further opportunities. 

On the weekly time frame the price can be seen to be changing trend after it traded through the bearish channel and found support at 0.6200.

The next point of resistance is the 0.6550 which were the highs that formed back in May 2022. 

If the price can break out of this level we could see NZDUSD prices up towards the longer term trendline around 0.6700.

Technical Observations

• The NZD is S1 and USD is W1 on the day trading tables.
• Price on the weekly time frame is in an upward trend and in a bullish phase.
• The price is also trading above the daily 200 moving average. 
• On the h1 chart we can look for the price to retest the recent 0.6450 level as support.
• If bullish price action forms here we could look to buy the market.