NZD/USD Asian Session Overview & Countertrend Trade Idea
Reports of the death toll from the Wuhan coronavirus hitting the 100 marks against the 4,500 confirmed cases brought more bears to the markets’ yard today. And, with no major economic data on the chit, traders ran with the global risk sentiment for most of the Asian session. The prospect of reduced economic hit the Australian and New Zealand dollars, with the former seeing deeper losses as an Australian consumer survey hit a six-month low. Looks set for a retracement today’s U.S. durable goods report could also inspire some volatility in the next trading sessions. Bulls can take advantage of the support around today’s lows and countertrend on this major pair “retracement” until it finds fresh momentum. Countertrend trading isn’t for everyone but the reward-to-risk ratio is attractive if this major pair ends up back at the top of the channel.
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