NZD/USD 3rd May 2022

NZD/USD has been on our radar for some time now, first showing on my FX Strong V’s Weak Trend Traders Table on Friday 15th April. Since then it’s tanked some 350 points and counting. The pair remains USD Strong 1 and NZD Weak ! on both Trend and Day Trading Tables to this day.

Primary Observations:

  • The weekly chart above shows the confirmed bear channel, anchored Feb 2021.
  • Last week saw channel support give way under sustained selling pressure.
  • This selling pressure made short work of both channel support and prior 0.6525 support confluence.
  • Both indicators (ADXW & Stoch) are confirming our tables output, i.e. downside momentum.
  • Next level minor support expected circa 0.6375
  • A close below 0.6375 exposes 0.5950 support

As always, this pair would be hard to find without my FX Strong Vs Weak Trading Tables (Link to Strong/Weak Tables HERE).

My Call:

  • I am trading short this pair.
  • I expect to see at least some profit taking circa 0.6375
  • A close below 0.6375 exposes 0.5950
  • Should this level be approached I will look to exit, or at least partially exit) circa 0.6000
  • I will of course exit prior to this level should the pair be removed from the S/W Trading Tables.

Stay up to date LIVE 27/4 Trading Calendar HERE