Today’s Forex Guide

NZD/USD: Upside Prevails Ahead of CB Consumer Confidence


Apr.28.2015

6:30 am (EST) Update

NZD/USD Daily
NZD/USD Daily: Broke Above Pivot Level after Spinning Top

Trading Idea: Long positions above 0.7675 targeting 0.77

Technical reasons why: After breaking above the Ichimoku cloud the pair formed a spinning top on Friday followed by strong bullish sentiment beginning of the week, to continue within a rising channel.

Event Risk:  US Consumer Confidence out at 3 PM GMT. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. A better than expected outcome will strengthen the USD ultimately resulting in drops in NZD/USD

Alternative Scenario: Below pivot level at 0.76 look for further drops targeting 0.7460

Suggested stops and limits:

Support Levels Turning Point Resistance Levels
0.7460 0.7600 0.77700
0.7350 0.7675 0.7831

 

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