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22 Dec 2020

NZD/USD Price Analysis: Bears in play below recent highs to 38.2% weekly Fibo

  • NZD/USD is offering a 1:3 risk to reward high probability trade setup.
  • The US dollar has picked up a bid of late and there could be some juice left in the bullish case. 

NZD/USD has been in favour and highly overextended in the positioning data of late. 

The recent fundamentals have been baked into the cake which has spurred on a recovery attempt in the greenback.

The following is a top-down analysis that takes these considerations and targets a weekly 38.2% Fibonacci retracement of the W-formation's impulse. 

Monthly chart

While the price is bullish above the old resistance, the pair needs a correction and the 38.2% Fibonacci lines-up with old resistance looking left.

Weekly chart

The weekly W formation is an extended impulse that needs to correct. 

The weekly 38.2% is located in line with old structure looking left, slightly higher up than the monthly target. 

Daily chart

The daily wick would be expected to be filled in. 

4-hour chart

A stop-loss, SL, would be placed above the structure and recent highs with a target to the weekly 38.2% Fibo for a 1:3 risk to reward probability. 

Dec 22, 2020

EUR/USD Price Analysis: Fades bounce off seven-week-old support line, 100-bar SMA

EUR/USD takes rounds to 1.2230 during Tuesday’s Asian session. In doing so, the major currency pair maintains the lower high formation from the last T
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Dec 22, 2020

S&P 500 Futures trims early losses as US House approves covid relief bill, government funding

S&P 500 Futures mark corrective recovery from an intraday low near 3,675, currently around 3,684, during early Tuesday. Even so, the risk barometer st
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