Some upside for the NZDUSD before a downside retrace.
The kiwi dollar did not move much this week and price found itself tightly range bound. We expect to see some kind of break out to either the upside of downside to liquidate stop losses. The least path of resistance looks to the upside.
BULL CASE
Price should find some momentum to the upside to unlock the liquidity found near the 0.71 level. After which it should trade in a range till more conviction is found to either side.
BEAR CASE
After stopping out the shorts, the bears may find enough conviction to bring price even lower to complete the downside retrace. If this happens, the next level we want to look for a support is the 0.68 area.
Indecision remains the main theme for this pair. I'd trade with caution and look for short setups
BULL CASE
Price should find some momentum to the upside to unlock the liquidity found near the 0.71 level. After which it should trade in a range till more conviction is found to either side.
BEAR CASE
After stopping out the shorts, the bears may find enough conviction to bring price even lower to complete the downside retrace. If this happens, the next level we want to look for a support is the 0.68 area.
Indecision remains the main theme for this pair. I'd trade with caution and look for short setups
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.