NZDUSD SWING TRADE 08-Oct-2020
Good day friends. Give us a thumbs up if you like our idea. Follow my profile to get new ideas and trade setups everyday
NZDUSD-Technical/Fundamental analysis
NZDUSD has firmly broken the trend line which is holding the bullish trend since September 25 The broke and retest was happened on October 06 which triggered the further selling of NZD dollar.
And the weak monetary policy by the RBNZ is the main cause for the accelerated selling of NZD dollar.
Yesterday the Reserve bank of new Zealand members reiterated that they will cut the policy rate to below zero level which is a clear sign for the bearish trend in NZDUSD in coming days.
The risk off mode in the market will help the USD to gain some pips against its counterparts such as euro , pound , kiwi dollar , Aussie dollar and Lonnie.
The price of NZDUSD is currently trading between the .382 and .50 Fibonacci retracement level. It was traded in a narrow range from October-01 to October-06 and then seen a sudden drop towards 0.65500.
And currently its retraced back towards .50 Fibonacci. Before this drop a minor consolidation phase was formed with the double top.
And the price is reached the major resistance level in price action the previous consolidation phase will act as support for the bear.
The swing target will be around 0.65110 and stop lose may placed above the .6615 which is a .382 Fibonacci level
SWING TRADE - NZDUSD
Sell @ 0.65865
Take profit @ 0.65165
Stop lose @ 0.66115
70 Pips target
Don't risk more than 1% of your capital
NZDUSD-Technical/Fundamental analysis
NZDUSD has firmly broken the trend line which is holding the bullish trend since September 25 The broke and retest was happened on October 06 which triggered the further selling of NZD dollar.
And the weak monetary policy by the RBNZ is the main cause for the accelerated selling of NZD dollar.
Yesterday the Reserve bank of new Zealand members reiterated that they will cut the policy rate to below zero level which is a clear sign for the bearish trend in NZDUSD in coming days.
The risk off mode in the market will help the USD to gain some pips against its counterparts such as euro , pound , kiwi dollar , Aussie dollar and Lonnie.
The price of NZDUSD is currently trading between the .382 and .50 Fibonacci retracement level. It was traded in a narrow range from October-01 to October-06 and then seen a sudden drop towards 0.65500.
And currently its retraced back towards .50 Fibonacci. Before this drop a minor consolidation phase was formed with the double top.
And the price is reached the major resistance level in price action the previous consolidation phase will act as support for the bear.
The swing target will be around 0.65110 and stop lose may placed above the .6615 which is a .382 Fibonacci level
SWING TRADE - NZDUSD
Sell @ 0.65865
Take profit @ 0.65165
Stop lose @ 0.66115
70 Pips target
Don't risk more than 1% of your capital
Related publications
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.