NZD/USD bears not having much luck at .6133
NZD/USD bears keep testing .6133 without much success, much like the bulls did earlier this year. If we see another failed attempt today, my inclination will be to buy given the price signal.
Longs could be initiated above the figure with a stop below Monday’s low of .6125 for protection. The price has done a bit of work either side of .61783 recently, making that an initial trade target. I’ve left the former downtrend dating back to the 2021 highs for reference, but above that there’s not a lot of visible resistance until .62537.
To work, Wednesday’s core CPI figure will likely need to print slightly softer than the 0.2% median forecast, but not so cold it sparks concerns about demand. Somewhere between 0.1-0.15% would be useful.
An auction of 10-year US Treasury notes during the session will also have to go off without signs of waning buyer demand, otherwise the prospect of higher yields could work to boost the dollar.
Good luck!
DS
Longs could be initiated above the figure with a stop below Monday’s low of .6125 for protection. The price has done a bit of work either side of .61783 recently, making that an initial trade target. I’ve left the former downtrend dating back to the 2021 highs for reference, but above that there’s not a lot of visible resistance until .62537.
To work, Wednesday’s core CPI figure will likely need to print slightly softer than the 0.2% median forecast, but not so cold it sparks concerns about demand. Somewhere between 0.1-0.15% would be useful.
An auction of 10-year US Treasury notes during the session will also have to go off without signs of waning buyer demand, otherwise the prospect of higher yields could work to boost the dollar.
Good luck!
DS
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