Technical outlook and ideas for Forex pairs
We have outlooked several promising Forex pairs and the result can surprise you!
NZD/USD formed a top
Information is not investment advice
NZD/USD formed a big bearish candlestick yesterday. In addition, it returned below the 50-day MA and closed below the 38.2% Fibo of the advance since the end of May. The pair will likely remain volatile, but as long as it stays below the 50-day average at 0.6625, bears will feel good.
On H4, we can see a big top above 0.6610. Currently, the pair is saved from further declines by the 50- and 200-period moving averages that formed a “golden cross”. However, the top looks too heavy and the support may offer only temporary relief. As a result, we have two ideas: to sell on the break below 0.6580 (April low) or look for sell setups if the pair recovers to 0.6620. However, the second trade is not certain for now. If NZD/USD stays above 0.6580 (if the US data keeps disappointing), it may try for an inverted Head and Shoulders and attempt to revisit June highs. Still, that scenario, is far away, for now, so we focus on near-term opportunities.
Similar
Another EUR/USD Trade!
4H Chart Daily Chart We sent out a signal yesterday to long EUR/USD between 1…
New EUR/USD Trade
4H Chart Daily Chart EURUSD declined back yesterday after trying to test its 1…
Popular
What Will Happen with the Euro? An Economic Perspective.
eurusd-is-falling-what-to-expect-from-the-future-price-movement
Will Australia's "Rampant Inflation" Prevail in May?
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
How Will BoJ Meeting Affect the Yen
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus
Choose your payment system
