Guest Post by Nicola Delic
The New Zealand Dollar suffered heavy losses recently against the US dollar, and it might continue to trade lower in the near term. There was a critical economic release lined up today, as the New Zealand Employment Change was published by the Statistics New Zealand. It came in at 0.3% in Q2, 2015, lower than the expectation. It increased the bearish pressure on the pair in the short term.
There is a chance that the NZDUSD pair would spike lower to set a new low. So, if the pair corrects higher in three waves higher, then we can look for a sell opportunity.
Technical Analysis
H4 – Chart representing the possibility of a new low in NZDUSD.
Entry:
H1 – We can enter a sell trade once the NZDUSD pair corrects higher in three waves up close to the 0.6570 area.
Target 1: 0.6460
Target 2: 0.6420
Stop Loss: Above 0.6620
Video Explanation:
