Weekly Forex Forecast for NZD/USD | Short Term Trading | Decembe
New Zealand Dollar US Dollar
For the New Zealand Dollar US Dollar, we have a very interesting situation.
Our Long Term is that the NZD USD will move much more up and its the first time since a long downtrend that the New Zealand dollar is making higher highs. But we are short term trader and at the moment the new Zealand Dollar reaches an important resistance zone which was tested more times in the past. Also on the Fibonacci extension, you can see that the New Zealand Dollar comes to the 100% Extension. The second is that the new Zealand Dollar reaches a 61,8% Fibonacci level. Furthermore, the New Zealand dollar reaches a weekly Trendline trendline.
So here we have a cluster zone a Zone of Confluence. The only negative argument for a short position is the strong momentum to the upside. But we will enter the market Monday Morning at 0.65804 with one position and if the market goes higher with a second position at 0.65904 The Stop loss we set at 0.66200. Our Take profit one is 0.65263 our take profit two is 0.65107 and our take profit three we set at 0.64886
Video: youtu.be/qMT8Ao5F0iU
For the New Zealand Dollar US Dollar, we have a very interesting situation.
Our Long Term is that the NZD USD will move much more up and its the first time since a long downtrend that the New Zealand dollar is making higher highs. But we are short term trader and at the moment the new Zealand Dollar reaches an important resistance zone which was tested more times in the past. Also on the Fibonacci extension, you can see that the New Zealand Dollar comes to the 100% Extension. The second is that the new Zealand Dollar reaches a 61,8% Fibonacci level. Furthermore, the New Zealand dollar reaches a weekly Trendline trendline.
So here we have a cluster zone a Zone of Confluence. The only negative argument for a short position is the strong momentum to the upside. But we will enter the market Monday Morning at 0.65804 with one position and if the market goes higher with a second position at 0.65904 The Stop loss we set at 0.66200. Our Take profit one is 0.65263 our take profit two is 0.65107 and our take profit three we set at 0.64886
Video: youtu.be/qMT8Ao5F0iU
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