NZDUSD is fighting to find a trend. The fluctuation is not over because market needs a reason to position.
USDollar is very favourite, but Kiwi is also a good currency to buy , NZ data is supporting Kiwi.
NZDUSD hold below the key resistance 0.6900: It's also 23.6% Fib Retracement I draw on the chart.
While strong support is at SMA100: 0.6610
I think to trade NZDUSD we should wait for a break happens.
This week, besides US data, we also a key event which could trigger a significant change for Kiwi: RBNZ Meeting on Wednesday.
100% RBNZ will not hike or cut rate, they have no reason to do that, market concentrate in the Statement : Dovish neutral or hawkish tones also impact somewhat to NZDUSD.
Neutral or Dovish tone is chance to SELL NZDUSD.
While Hawkish tone triggers a BUY Order.
HOWEVER, WE DON'T THINK THAT A BUY LIVES FOREVER, there is levels it must stop at there.
Look at on the chart,38% Fib retracement, strong support at 0.7300 I think is the fair level of NZDUSD. Kiwi cannot excess this resistance zone.
One more thing, Long term descending trend line and SMA200 accompany together, it could create a potential resistance.
Finally, Fundamental supports LONG Kiwi, but I love SHORT than LONG. I wait and keep patience.
USDollar is very favourite, but Kiwi is also a good currency to buy , NZ data is supporting Kiwi.
NZDUSD hold below the key resistance 0.6900: It's also 23.6% Fib Retracement I draw on the chart.
While strong support is at SMA100: 0.6610
I think to trade NZDUSD we should wait for a break happens.
This week, besides US data, we also a key event which could trigger a significant change for Kiwi: RBNZ Meeting on Wednesday.
100% RBNZ will not hike or cut rate, they have no reason to do that, market concentrate in the Statement : Dovish neutral or hawkish tones also impact somewhat to NZDUSD.
Neutral or Dovish tone is chance to SELL NZDUSD.
While Hawkish tone triggers a BUY Order.
HOWEVER, WE DON'T THINK THAT A BUY LIVES FOREVER, there is levels it must stop at there.
Look at on the chart,38% Fib retracement, strong support at 0.7300 I think is the fair level of NZDUSD. Kiwi cannot excess this resistance zone.
One more thing, Long term descending trend line and SMA200 accompany together, it could create a potential resistance.
Finally, Fundamental supports LONG Kiwi, but I love SHORT than LONG. I wait and keep patience.