The kiwi-dollar has lost more than 10% against the US dollar since April 5 and looks very oversold. Classic technical analysis indicators show multiple divergences on the H1-H4 charts. Our trading strategy indicators also gave signals about the weakening of the downtrend movement and a high probability of NZDs bounce.
Based on the available data, we expect a limited NZD/USD growth over the coming week. A strong resistance, supported by the Fibonacci level, is at 0.6529 and is the most likely growth target.
How to trade.
Buy NZD/USD (open long) from the current levels or in the range of 0.6260-0.6270. The target is 0.6520-0.6530.
Based on the available data, we expect a limited NZD/USD growth over the coming week. A strong resistance, supported by the Fibonacci level, is at 0.6529 and is the most likely growth target.
How to trade.
Buy NZD/USD (open long) from the current levels or in the range of 0.6260-0.6270. The target is 0.6520-0.6530.
Trade active:
Set a trailing stop-loss to protect profits.
Trade closed: target reached:
Maximum is 0.65304.