NZDUSD - FURTHER DOWNSIDE ?
NZDUSD on the weekly timeframe looks to create a closing bearish engulfing candle.
With data from the US still topsy turvy / if, but, maybe a trade deal, then the uptick in NZD may have to wait a while until it finds buyers at a lower level around the 0.6090 August 2015 spike.
Trades to the long side of NZD are increasing but the strength in USD may well keep it subdued. Maybe look to trade it against a weaker currency ?
Keep a look out next week on the price action to see if NZD drops below previous structure lows for clues to see how much further the downside will be.
With data from the US still topsy turvy / if, but, maybe a trade deal, then the uptick in NZD may have to wait a while until it finds buyers at a lower level around the 0.6090 August 2015 spike.
Trades to the long side of NZD are increasing but the strength in USD may well keep it subdued. Maybe look to trade it against a weaker currency ?
Keep a look out next week on the price action to see if NZD drops below previous structure lows for clues to see how much further the downside will be.
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