Selling opportunities NZD/USD – Forex Trading Tips

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Originally updated: 08:00

Trading Bias: Short

Currency pair: NZD/USD

Current Sentiment: Bearish

In today’s trading session we will be focusing on selling opportunities NZD/USD due to NZD weakness.

Fundamentals:

Overnight the NZD was the sessions worst performer. This was due to dovish commentary from RBNZ’s Asst. Gov. McDermott, who ruled out any near-term interest rate hikes from the RBNZ, along with adding that weaker demand prices would prompt consideration of a rate cut.

However, we are still cautious regarding USD strength because of how volatile the USD has been recently. Ideally you want to wait for some good US data to support the other side of this trade. We have US Unemployment Claims and Manufacturing Production later in the session. This data could give the USD some positive sentiment and a good reason to short NZD/USD overall.

Technicals:

We expect this pair to fall lower during today’s session.

There is strong resistance at 0.7650 should it rally that far, failing that, around the 0.7600 level is noted as medium term level of resistance which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.

Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could be positive for the NZD which would change the sentiment on this pair

Other Market Moving News:

Chinese HSCB Manufacturing PMI came in below 50.0, indicating yet another month of contraction. This could help keep the AUD under some selling pressure for the session.

Looking ahead on today’s economic calendar we have Manufacturing PMI’S from the Eurozone, Retail Sales from the UK and Unemployment / Manufacturing data from the US in the New York session.

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Source:: Selling opportunities NZD/USD – Forex Trading Tips

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