NZD/USD Analysis
I wrote last Thursday that the picture now had become more bullish, but I still saw the AUD/USD as the better bet for a long trade entry. I was correct to take a broadly bullish bias here, but not to see the AUD/USD as more bullish (it has risen by less than this NZD/USD currency pair since last Thursday).
All the commodity currencies are currently rising and seem to have made bullish medium-term reversals. The situation is bullish over the short-term, but here we have resistance levels ahead at the half, quarter and full numbers above the current price. The level at 0.6500 is also a major psychological level so it is likely to be strong resistance. I want to wait for the price rise to cool off or at least to reach 0.6500 before considering taking any short trade, but in the meantime, I would be happy to take a long trade from any bullish bounce following a retracement to 0.6406 or 0.6565
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