NZDUSD A good Short Entry
Updated
Hello Traders,
I got a short trade on NZDUSD and here is why:
*Fundamentally:
The USD is strong especially after the CPI and PPI releases this week, the inflation is high in the US and Fed most probably going to keep the interest rates high for longer.
The economic numbers favor the USD more the NZD:
- GDP Growth: (NZD: -0.1% / USD: 2.1)
- Unemployment: (NZD: 3.6% / USD: 3.8%)
- Inflation: (NZD: 6.0% / USD: 3.7%)
- Interest Rates: (NZD: 5.50% / USD: 5.50%)
*Technically:
The price is in a down trend with lower lows and lower highs, it consolidate for a while and reach /0.5/ fib level which gives a good risk/ reward ratio.
Trade Safe!
I got a short trade on NZDUSD and here is why:
*Fundamentally:
The USD is strong especially after the CPI and PPI releases this week, the inflation is high in the US and Fed most probably going to keep the interest rates high for longer.
The economic numbers favor the USD more the NZD:
- GDP Growth: (NZD: -0.1% / USD: 2.1)
- Unemployment: (NZD: 3.6% / USD: 3.8%)
- Inflation: (NZD: 6.0% / USD: 3.7%)
- Interest Rates: (NZD: 5.50% / USD: 5.50%)
*Technically:
The price is in a down trend with lower lows and lower highs, it consolidate for a while and reach /0.5/ fib level which gives a good risk/ reward ratio.
Trade Safe!
Trade closed: stop reached
The Price hit the stop loss.My bias still short but I'm waiting for a price action signal, maybe a candle with strong selling pressure.
PS. Today is the US Interest Rate decision and FMOC meeting so I expect volatility in the market.
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