NZDUSD Riding on the Dollar Lows!!

So far NZDUSD has broken out of the channel it was previously ranging in since the start of April, shooting to the highs of 0.62280 to retrace back to the channel top line at the moment which coincidentally overlaps with the 0.786 fib retracement level. Expect a bounce from here to the next strong level of resistance @ 0.62637, which previously served as a strong support for NZDUSD in early March 2020.

A strong hourly H1/H4 Bullish confirmation candle will confirm our entry for this BUY/LONG OPPORTUNITY to the upside.

Fundamentals to watch out for:
-News of US - Sino Trade sanctions (Rising tensions will strengthen the USD and weaken risk sensitive currencies like AUD and NZD - www.fxcm.com/markets...e-war-impact-on-usd/)
-Aussie trade relations with China (Weakening exports to its second largest export demand will hit the AUD and NZD as they are strongly correlated)

As always trade safely with stop loss orders and happy trading!
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Best Regards,
GOLD D ROGER

Trade closed: target reached:

1.618 Fib level reached