NZDUSD Outlook Long term analysis of NZDUSD, will take position in either direction according to how price reacts off 0.70800 level
Nzdusdneutral
NZDUSD H4 Potential SetupAt the moment we have NZDUSD following a nice bullish channel, it has broken the daily trendline (dotted) however rejected a resistance level of 0.68961 . I will now be watching to see whether it continues to follow the bullish channel upwards if it falls to the trendline and rejects. If it does reject the trendline and remain bullish I can see it then breaking the resistance level that was earlier respected and continuing up. If not, it may break the channel and short to at least the 0.68300 level where it will meet a support which has previously held up.
This evening we have four news releases coming out of New Zealand with regards to their trade balances and import / export numbers. Looking at the consensus of the releases it is a difficult one to be confident with, I will be waiting for either a move to the downside and a break of the channel or a rejection and upside movement to around the 0.69500 psychological level.
NZDUSD short termI want to see market price pull up to the resistance at the .7255 zone/50ema as well as momentum and macd to pull up to their resistance points. When all three have pulled up I will look to take a short targeting new lows at the .7160 zone
NZDUSD Magic-T Says ConsolidationA quick draw up of the most obvious Magic-T's, it's clear that NZDUSD it heading towards a consolidation. Notice the high volume, starting 2016-11-08, now been sinking for a while. Building up cash to the next event starting soon at current price. I'm leaning towards a short, depending on the fed news tomorrow, (whether we get a rate rike or not). For me it looks like it's losing steam, and will be consolidating around 0.72238 and reverse.
NZDUSD nearing a make or break pointNZDUSD is closing up to a make or break point to both the upside and downside looking only at price action.
This would be a huge chance for the day trader - or even all traders to manage a very big trade.
Keep an eye close on this pair
NZDUSD could go either waythe kiwi was able to break out of triangle based on last week's news and has since retraced right back into it, currently the pair could go either way, Entries are set on both sides to take advantage of whichever way price breaks. There should be some movement at least in the US afternoon session since the rate decision will be announced today
