NZDCHF Hits Targets : GBP Weakens Off Poor Retail Sales Data
Fri 20th 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 | |||
| Entry Price | Sell Stop Order below circa 0.5815 | ||
| Stop Loss (Min) | 0.5840 | -25 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.5765 | +50 Pips | 1 : 2 |
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
NZD continues to top our live forex strength vs weakness tables as the weakest currency. Our focus should be on this currency against stronger currencies.
USD continues to be a strong currency as S3 on the tables.
We featured this forex pair as our primary focus pair yesterday because the price closed below a key daily (D1) range low at 0.5875.
Currently on the H1 chart price is consolidation at the previous D1 candle low (Thursdays low).
Our tables suggest looking for short trading opportunities.
If price breaks through this H1 consolidation lows it could signal further downside for the currency pair.
We will look to short on the break at 0.5815, stop losses above the highs of the consolidation at 0.5840.
Sellers will be looking to target the key support around 0.5775 – 0.5750.
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Primary Focus Pair Chart:
Technical Observations:
- NZD is W1 and USD is S3 on both tables.
- Price has broken down through a daily range.
- H1 consolidation is forming at the D1 candle lows.
- If this breaks it could see the price continues lower.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
