Fundamental analysis: the dollar is strong because the economic situation is rather good despite high rates, and inflation is lower than other economies.
NZD (risk asset) is under pressure due to the complex geopolitical situation in the Middle East
Be careful however that the dollar (DXY) has been rising sharply for several months: The slightest change in the economics data could bring a correction of this upward trend. And we have the CPE data coming out tomorrow.... So becareful
Technical Analysis:
- Resistance Zone
- Correction 0.5FIBO of the last H1 bearish impulse
- MMA 50 H1
- Bearish divergence m30
I would like to see a break of 0.58075 then a correction to enter position. Be careful, I will not take a trade (or with a reduced risk) before tomorrow’s CPE announcement in the US (see fundamental analysis above).
Retail sentiment: 86% in purchase which is good for us.
NZD (risk asset) is under pressure due to the complex geopolitical situation in the Middle East
Be careful however that the dollar (DXY) has been rising sharply for several months: The slightest change in the economics data could bring a correction of this upward trend. And we have the CPE data coming out tomorrow.... So becareful
Technical Analysis:
- Resistance Zone
- Correction 0.5FIBO of the last H1 bearish impulse
- MMA 50 H1
- Bearish divergence m30
I would like to see a break of 0.58075 then a correction to enter position. Be careful, I will not take a trade (or with a reduced risk) before tomorrow’s CPE announcement in the US (see fundamental analysis above).
Retail sentiment: 86% in purchase which is good for us.