NZDUSD Trade Idea
In Friday's (22th Jan) analysis, I expected NU to have further bearish grind towards the 0.7174 support zone, which was exactly what the market performed. Currently will remain neutral bias and monitor the price action around the 0.7174 support zone. If there's a strong rally we could expect bullish pressure to step in with 0.7218 & 0.7235 as targets. If we notice further bearish rotation breaching the 0.7174 support zone during tomorrow's Asia session, that could indicate short-term bearish sentiment in the market, the next support is around the 0.7090 zone. However, the current condition on NU is range bound, avoid having unrealistic targets and expect some choppiness in the market. Do not forget the overall trend on the higher timeframe remains bullish.
Will keep it updated in the following trading week. Trade safe.
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Will keep it updated in the following trading week. Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.