Trade Of The Day: NZDUSD To Retest Highs

NZDUSD – To hold .6650 And Retest Highs

Retesting Highs:

NZD remains soft amid bearish pressure induced by lost momentum of dairy prices. The pair is seen above Wednesday’s lows of 0.6699. Job advertising rose for the first time since February last month, but fell over the September quarter, highlighting the weak state of New Zealand’s labour market amid softer economic conditions. Jobs adverts were up a seasonally-adjusted 2.1% m/m in September, after sliding 1.5% in August and showing little change in July.

While price is supported at the .6650 level expect a retest high offers above .6900. A failure at .6600 suggest a pullback to test ideal corrective target at .6500 before resuming the broader corrective pattern that ultimately target .7200 trend resistance

Trade Idea

  • I am looking to play the corrective pattern highlighted int he chart below. I will venture long on a successful retest of .6650 with a tight stop leaning against .6600 targeting a retest and breach of current cycle highs.

2015-10-22 09_47_13-$NZDUSD (Daily) 23_01_2015 - 22_10_2015

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Posted in Daily Setups, Forex Analysis, tagged with on