NZD Approaches Key Supply Zone: A Potential Short OpportunityThe New Zealand dollar is approaching a critical supply area that has captured our attention, signaling a potential opportunity to set up a short position. This zone is key, and we are closely monitoring for a possible test of this area to confirm our bearish setup. However, it's important to note that the price may reverse before reaching this point of interest, as other correlated currencies against the U.S. Dollar (DXY) have already begun to show signs of reversal.
This correlation between the New Zealand dollar and other currencies in relation to the U.S. Dollar strengthens the likelihood of a potential downturn before our targeted area is tested. As the DXY starts to gain momentum, the pressure on the New Zealand dollar could increase, leading to an earlier-than-expected reversal.
Given these market dynamics, we are prepared to act quickly should the price show signs of turning before reaching our anticipated level. This situation highlights the importance of flexibility and vigilance in our trading strategy, as the interplay between correlated currencies can often signal shifts in market direction.
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6N1!
NEW ZELAND DOLLAR FUTURES (6N1!), H4 Potential for Bearish DropType : Bearish Drop
Resistance :0.61615
Pivot: 0.60565
Support : 0.60050
Preferred Case: On the H4, with price moving below descending trendline and ichimoku indicator, we have a bearish bias that the price may drop from the pivot at 0.60565, where the current price is to the 1st support at 0.60050, where the 78.6% fibonacci projection is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 0.61615, where the 23.6% fibonacci retracement and previous swing low is.
Fundamentals: the Monetary Base y/y is out today, showing -2.4%, which is lower than forecasted and previous data.
NZD/USD push ?Hi everyone.
Here is my analysis on the new zealand dollar.
A very nice movement to take.
The 1st level would be to get the trendline (0.5900)
If break watch out for 0.5955 then direction 0.6060.
BE CAREFUL if it goes below 0.5840 we continue the descent 0.5800 then 0.5600
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