NZDUSD, 4 Hour
The macro backdrop for the Kiwi (NZD) remains bearish with recent data showing weak credit card retail sales in New Zealand, along with the risk off global sentiment that kicked off the start of the year, the currency has been kept under pressure.
My strategy for the short term is that the NZD may attempt a short term price move higher since the NZDUSD price bounced higher at the 76.4% Fibo retracement level. This price bounce higher leaves me with the view that global risk taking might be attempting a switch back on. My conclusion supports long positions for a price target at 0.6540.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
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