$NZDUSD - Inverted head shoulders confirmed only above $0.73
Hi guys! 👋🏻
🔔 Inverted head and shoulders and a double bottom patterns could play out well for a long trade, though only above 0.73 resistance which is very strong.
🔔 Tuesday’s monthly New Zealand electronic card retail sales demonstrated growth in purchases, sales in April were up 4%, which is significantly higher than February’s 0.8%. Despite the positive news, NZD was not able to show significant growth against USD and lost in value against the Japanese Yen. So need to be very cautious, especially during the US CPI data release.
🔔 There also is a great support from Moving averages on 4H chart and on a daily chart
Daily
🔔 However RSI and MACD indicators are slightly bearish at the moment and a drop to 0.7200 and 0.71400 is also possible before another surge attempt.
🔔 One of the backers of the uptrend could be strong CPI data, which will be announced later today. There still are concerns among the strong US Dollar among investors, if CPI data is strong and positive, investor's might look forward to selling the USD in fear of rate hikes.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Inverted head and shoulders and a double bottom patterns could play out well for a long trade, though only above 0.73 resistance which is very strong.
🔔 Tuesday’s monthly New Zealand electronic card retail sales demonstrated growth in purchases, sales in April were up 4%, which is significantly higher than February’s 0.8%. Despite the positive news, NZD was not able to show significant growth against USD and lost in value against the Japanese Yen. So need to be very cautious, especially during the US CPI data release.
🔔 There also is a great support from Moving averages on 4H chart and on a daily chart
Daily
🔔 However RSI and MACD indicators are slightly bearish at the moment and a drop to 0.7200 and 0.71400 is also possible before another surge attempt.
🔔 One of the backers of the uptrend could be strong CPI data, which will be announced later today. There still are concerns among the strong US Dollar among investors, if CPI data is strong and positive, investor's might look forward to selling the USD in fear of rate hikes.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Nothing is true, everything is permitted.
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