NZDUSD Potential Upsides

6 mar 2023

Hey Traders, as we noticed some bullish bias on American indices NZDUSD long is one of the trades i would consider due to the positive correlation between the two, if we take a look at smaller timeframes we will notice that NZDUSD was trading in a downtrend and managed to break it out and now is in a correction phase so i will be watching a potential retrace around 0.619 historical demand and supply zone. in case of a decent retrace i would consider 0.64 as a target as it's the next strong resistance NZDUSD will be facing from bigger timeframes. please keep in mind the risky environment this week as we are coming across multiple US data this week including Fed speech tomorrow, NFP on Friday and CPI data next week.
Feel free to ask any question.
Trade safe, Joe.