The stronger US dollar has been driving the New Zealand dollar lower in the last two days. The price broke the lower bound of the previous channel and we are opening a short position at the pull back to the 161.8 level of the Fibonacci retracement levels. The Stop Loss is placed at 0.69337 (See below image).
The technical analysis on this pair is based on the 4 hour chart and therefore requires more patience. Let’s see how it’ll come along in the next few hours. I will make updates to this post later today!
Feel free to comment and share your trades if you choose to copy this trade.
Have a great day ahead.
Alright, my Stop Loss was triggered 🤕
Although the New Zealand’s Trade Balance data was significantly lower than expected, it seems that FOMC speech drove USD lower causing the NZD to move higher.