GBP Strength Short Lived : NZDUSD Short Idea
Wed 25th October 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- NZDUSD (Primary Focus Pair)
- EURNZD (Covered In Video)
- GBPAUD (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 0.5823 | ||
| Stop Loss (Min) | 0.5883 | -60 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 0.5748 | +75 Pips | |
| Profit 2 |
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GBP strength from yesterday was short lived, with GBP now moving from the strong side of the live forex strength vs weakness tables, to the weak side.
NZD however remains on the weak side despite many of the NZD forex pairs pulling back.
NZDUSD has sparked our interest as yesterday’s daily close formed a rejection of a key D1 resistance.
This resistance was the D1 range lows of 0.5875.
Price has broken down through yesterdays daily (D1) candlestick lows, which could see the selling momentum continue.
Sellers could look to target the D1 key support level of 0.5750.
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Primary Focus Pair Chart:
Technical Observations:
- NZD is W2 and USD is S2 on the day traders table.
- Daily chart is bearish with price trading below a key range.
- Price has retested the range low and formed a bearish rejection on the D1 chart.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
