NZDUSD Breakout and Potential retrace
Hey Traders, in tomorrow's trading session we are monitoring NZDUSD for a selling opportunity around 0.62500 zone, NZDUSD was trading in an uptrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 0.62500 support and resistance zone.
Adding a fundamental layer to our analysis, the recently shared Consumer Price Index (CPI) data could significantly impact the US dollar. The stronger-than-expected CPI figures, with a forecast of 0.3% and the actual reading of 0.5%, suggest an increase in inflationary pressures. This could potentially lead to a stronger US dollar as the market interprets the data, affecting the currency's value against other major counterparts.
Traders should consider the implications of this fundamental data on NZDUSD, aligning their strategies with the broader market sentiment and the potential impact of a stronger dollar on the pair. As always, trade safe and stay informed about the evolving market conditions.
Adding a fundamental layer to our analysis, the recently shared Consumer Price Index (CPI) data could significantly impact the US dollar. The stronger-than-expected CPI figures, with a forecast of 0.3% and the actual reading of 0.5%, suggest an increase in inflationary pressures. This could potentially lead to a stronger US dollar as the market interprets the data, affecting the currency's value against other major counterparts.
Traders should consider the implications of this fundamental data on NZDUSD, aligning their strategies with the broader market sentiment and the potential impact of a stronger dollar on the pair. As always, trade safe and stay informed about the evolving market conditions.
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