With the strength of the dollar seemingly unstoppable (at least until December interest rate news comes out), USD seems like a good bet in general. In particular NZDUSD made the Morgan Stanley chart of the week (see link), in terms of bearishness. Also, New Zealand PMI just came out a bit lower than previous which supports this assertion.
On the technical side, we notice a nice consolidation of price at around 1.5244. The OBV indicates some buying pressure, even though the asset is leveling off. This divergence hints at a price correction. Further the MACD/RSI are in the 'sweet spot' for entering a trade. There is resistance from below with the Ichimoku cloud, which we can use to set a stop loss.
For profit targets and stop losses, consider the Fibonacci retracement, or levels from relative highs and lows, or the resistance incurred by the Ichimoku cloud.
On the technical side, we notice a nice consolidation of price at around 1.5244. The OBV indicates some buying pressure, even though the asset is leveling off. This divergence hints at a price correction. Further the MACD/RSI are in the 'sweet spot' for entering a trade. There is resistance from below with the Ichimoku cloud, which we can use to set a stop loss.
For profit targets and stop losses, consider the Fibonacci retracement, or levels from relative highs and lows, or the resistance incurred by the Ichimoku cloud.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join my discord at discord.io/quantguy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.