NZDCHF and EURNZD Trade Ideas

, ,
NZDCHF and EURNZD Trade Ideas

In today’s live trading session, we went over the incoming consolidation for the US Dollar. We then found two trade ideas for NZDCHF and EURNZD.

We expect the US Dollar to consolidate from today until Thursday afternoon. For one, we have zero high impact USD news for the rest of today. A second reason why we believe this is the case is that tomorrow is a bank holiday in Europe, Canada, and the United States. Lastly, Gerome Powell is expected to speak Thursday afternoon about the current monetary policy. For all of these reasons, we believe it will be a quiet midweek for the majors.

We then shifted our focus to the minor currency pairs. One promising setup is a short for NZDCHF. This pair is currently trapped in a daily range and it’s moments away from reach the top of the range. If we see signs of rejection, we will be looking to enter short. We then discussed a swing long for EURNZD. We are waiting for signs of buyers at weekly support before we enter long.

We are happy to say that the US Election is behind us and that we can start trading in regular market conditions again. Since the Dollar is expected to consolidate until Thursday, we recommend traders to either be patient or to trade the minors. As always, be safe and trade responsibly!

Directory: 

/by
You might also like
The DXY Fed rate announcement came in today with unchanged rates for the Dollar Index. Prior to the news, price went to our initial target of 96.644. We were expecting them to take out the 96.943 level as well. However, price has failed to take out that high, but we suspect it might come back and clear that soon. For the long-term, our bias has not changed. We are still bullish, and expecting 97.80. We still have until Friday to see how this week is going to close. Therefore, we will be looking for reasons for price to climb higher as we move into Thursday and Friday. Big Picture Unchanged Post Fed Rates + Spotting Imbalance
GBPUSD and NZDJPY Long Before FOMC GBPUSD and NZDJPY Long Before FOMC
Pfizer Vaccine Revives US Dollar Pfizer Vaccine Revives US Dollar
Gold Swing Short in Play + DXY Near Consolidation Zone Gold Swing Short in Play + DXY Near Consolidation Zone
Mixed US Data, Which Way Will the Majors Go?
Day Trading Simplified + GOLD Targets Hit Day Trading Simplified + GOLD Targets Hit