It's me Max again, hope you guys are trading well.
Check out the my chart drawn for NZDUSD .
NZD : nothing much happened, this morning we had RBNZ Gov Spencer Speaks, but pretty normal and the market went breakout at this time. I guess the market pretty comfortable with RBNZ's policy at the moment and follow AUD's move after Business confident data release.
USD: We had a sort of mixed US NFP last Friday, it sorted of set the tone for trading for this week. (at least of beginning of the couple of days. What the market reaction to this is I guess it still not happy with the Average Hourly m/m coming only 0.1% VS 0.2% expected. Even though we had Non-Farm Employment Change 313K vs 205K expected. (this should make FED think twice before rising rate too quickly) . We then wait for the CPI data tonight. Personally I think after last month's big jump 0.5% this week should come about near the expected 0.2% level. Hence making tonight's data hard to predict, so the best thing to do is to follow the trend.
From my chart drawn, the price held out the black upward support pretty well last nigh. Setting just before the open low near 72.85. Then it had a clean breakout of the red downward , (as mentioned this also happened during data release, gave more strength to the breakout).
Yesterday it had a good start and even breakout last week's high at 73.10 to 73.25, and then the momentum died off when the big swing comes in with USD relief rally at night. During that time, it's brother AUD was help up pretty well near 78.60, while USDCAD was having a relief rally after last Friday's Big double Whammy move. (where both US and CAD data support CAD Strength).
Now with the short term MA Cross back up (11>22), we should see another good run towards yesterdays high 73.25. and possibly towards another resistance near 73.50 in the coming days.
Remember to make the trade at least 2 Reward over Risk profit target to make the trade worthwhile and always cut losses short and let profit run!
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