BULLISH NZDUSD PREPARING FOR FLASH PMI TOMMOROW
From a technical standpoint, The NZDUSD remains firmly entrenched in a bearish trend. The pair is nearing critical support at the 0.5740 level which is seems ti have been breached and could possibly pave a further decline. The NZD/USD pair extended it's downward trajectory on Friday thereby retesting very interersting zones that helped me come up with this analysis. The sustained weakens in the NZDUSD reflects a combination of factors including a dovish stance by the Reserve bank of NZ persistant concerns over China's economuc recovery and robust USD supported by shifting federal reserve monetary policy expectations. This particular analysis I'm cutting corners looking for bullish sentiments based on tomorrows PMI DATA. The NZDUSD pair has been left at the mercy of a broader market sentiment and traders appear reluctant to take aggressive positions ahead of the upcoming FOMC meeting this week. The meeting is expected to provide further insight into Fed's policy outlook and could potentially influence the pair's trajectory in the near term hence the bullish outlook I'm looking to get inside buy positions
Trade recommendation
BUY NZDUSD
SL 0.575336
TP 1 - 0.577769
TP 2 - 0.578698
TP 3 - 0.579761
Trade recommendation
BUY NZDUSD
SL 0.575336
TP 1 - 0.577769
TP 2 - 0.578698
TP 3 - 0.579761
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