NZD/USD Long 9/9/2024
Last week, I took a long position on NZD/USD, anticipating a bullish outcome based on both fundamental and technical analysis. Fundamentally, the pair showed a +5 COT score on the A1 Edgefinder, indicating a bullish sentiment. On the technical side, both the daily and 1-hour charts displayed a bullish trend, with the EMAs pointing upwards. A pullback presented a favorable opportunity to enter the trade.
With the U.S. labor market showing signs of weakening, I expected the Non-Farm Payroll (NFP) report to reflect softer numbers, potentially causing USD weakness. While the NFP data did indeed come in weaker than expected, the USD exhibited an unexpected bullish response, temporarily moving against my trade. However, I'm not overly concerned, as the overall fundamentals and technicals of the trade remain strong, and I still expect a favorable outcome.
With the U.S. labor market showing signs of weakening, I expected the Non-Farm Payroll (NFP) report to reflect softer numbers, potentially causing USD weakness. While the NFP data did indeed come in weaker than expected, the USD exhibited an unexpected bullish response, temporarily moving against my trade. However, I'm not overly concerned, as the overall fundamentals and technicals of the trade remain strong, and I still expect a favorable outcome.
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