NZD has been in a side ways consolidation period for weeks now but as channel support, Weekly 50 MA, Daily 200 MA, 38.2% fib of first up leg all line up, could this be the start of the next big move.
Trade active
Visible bullish strength so if you aren't in trade already 1:2.5 risk.Buy : 0.5910
Stop : 0.5830
Profit : 0.6110
Note
Anyone who didn't enter will be in the trade now after pullback. Keep an eye on DXY because if it drops to 99.15 there is big resistance and tomorrow is NFP rolls. Might be worth closing trade early depending on your own style.Note
Fridays Non Farm Payrolls day and the market is doing the usual stop hunting before the big news in the US. In Asia the price action has now touched the channel support and also hit the 38.2% fib at 0.58774.The bullish move is now ready.
Note
NFP was a slight miss but look at the USD weakness. I think DXY is on it's way to 95.50 at least and NZD/USD will break 0.6120. After any consolidation of NZD/USD add again into support.
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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.