NZD/USD has reversed hard from resistance at .5992 following last week’s hawkish shift from the RBNZ, sending the pair back towards support at .5920. That provides a decent level to build setups around depending on how the near-term price action evolves.
Should the Kiwi find support at .5920, as was the case on Monday, longs could be set with a tight stop beneath for protection, targeting a retest of resistance at .5992.
However, should we see a close beneath .5920 or a definitive downside break, shorts could be set with a tight stop above for protection, targeting the 200-day moving average where the pair attracted buying repeatedly in May.
The 100-day moving average, located between the entry zone and target, warrants respect given the price has interacted with it repeatedly in recent weeks. Should the price stall there, traders may want to consider nixing the trade.
Both RSI (14) and MACD marginally favour long setups over shorts, although the overall message from both indicators is more neutral than anything. As such, the price action around the important .5920 level is arguably a better tell on where directional risks may lie.
Good luck!
DS
Should the Kiwi find support at .5920, as was the case on Monday, longs could be set with a tight stop beneath for protection, targeting a retest of resistance at .5992.
However, should we see a close beneath .5920 or a definitive downside break, shorts could be set with a tight stop above for protection, targeting the 200-day moving average where the pair attracted buying repeatedly in May.
The 100-day moving average, located between the entry zone and target, warrants respect given the price has interacted with it repeatedly in recent weeks. Should the price stall there, traders may want to consider nixing the trade.
Both RSI (14) and MACD marginally favour long setups over shorts, although the overall message from both indicators is more neutral than anything. As such, the price action around the important .5920 level is arguably a better tell on where directional risks may lie.
Good luck!
DS
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.