NZDUSD: Tables Suggest Buying Above 0.6250

Mon 20th March 2023 : Daily Currency Strength Analysis

Today we’re looking at Trading Setups in:

• NZDUSD
• USDJPY (Covered in Video)

The risk off market environment continues with the JPY topping the tables.

However, our attention turns to NZDUSD as the NZD is the third strongest currency and the USD is second weakest.

The tables suggest we should be looking for long opportunities, however price has rejected a key level of resistance at 0.6250.

If we were looking to go long, we would ideally want to see price trade above this resistance level.

This would provide an opportunity to trade to the next key resistance of 0.6375.

If price is going to go long in this session it would need to be done on a lower time frame.

The hourly chart has shown multiple demand zones including the current lows at 0.6230 and the key level of 0.6200.

Technical Observations

• The NZD is S3 and USD is W3 on the day traders table.
• Price rejected the key levels of 0.6250.
• Traders may want to wait for the price to break above this level before looking for long opportunities. 
• Price is currently at previous hourly lows at 0.6230 which could act as support.
• If this support fails price could head to 0.6200.
• If price breaks through the highs, buyers could target 0.6375.