Originally Updated: 07:30
Currency Pair: NZD/USD
Sentiment: Short term bearish
Market focus:
In today’s trade set up we will be focussing on short term selling opportunities on the NZD/USD.
Fundamentals:
There has been further weakness added antipodean currencies following market focus on the weak element of the Chinese PMI data in addition to this there has been weak sentiment surrounding the NZD following a CPI reading that fell below analysts’ expectations with the currency now printing at it’s lowest level since mid 2013.
This has caused several major banking firms to review their expectations for the next RBNZ rate hike with JP Morgan and Barclays significantly pushing back their forecasts.
Technicals:
We have a nice confluence zone at 0.7930 – 0.7910. This should offer short term resistance for any pullback.
Stop loss could be placed at 0.7960
First take profit target: 0.7885
Second take profit target: 0.7840
Trade management: After target 1 hit stop loss could be moved to breakeven
Currency Pair: NZD/USD
Sentiment: Short term bearish
Market focus:
In today’s trade set up we will be focussing on short term selling opportunities on the NZD/USD.
Fundamentals:
There has been further weakness added antipodean currencies following market focus on the weak element of the Chinese PMI data in addition to this there has been weak sentiment surrounding the NZD following a CPI reading that fell below analysts’ expectations with the currency now printing at it’s lowest level since mid 2013.
This has caused several major banking firms to review their expectations for the next RBNZ rate hike with JP Morgan and Barclays significantly pushing back their forecasts.
Technicals:
We have a nice confluence zone at 0.7930 – 0.7910. This should offer short term resistance for any pullback.
Stop loss could be placed at 0.7960
First take profit target: 0.7885
Second take profit target: 0.7840
Trade management: After target 1 hit stop loss could be moved to breakeven
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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