NZD/USD LONG TRADE
Macro:
No recession risk around the world for now, or next year = USD negative.
We are entering the latest stage of the business cycle where the GDP gap closes causing the economy to bump up against supply constraints.
This causes inflation to rise = Commodities positive = NZD positive.
Sentiment:
Large traders/Speculators have built lot of short positions after political developments in New Zealand (Prime Minister Jacinda Ardern)= Risk of short squeeze
Technicals:
NZD/USD failed a third time to take out .6800 level.
After this week bullish candle (need to wait tonight close though...), we could expect upside momentum to continue for at least 3 weeks.
Target is the 0.7600 resistance level.
No recession risk around the world for now, or next year = USD negative.
We are entering the latest stage of the business cycle where the GDP gap closes causing the economy to bump up against supply constraints.
This causes inflation to rise = Commodities positive = NZD positive.
Sentiment:
Large traders/Speculators have built lot of short positions after political developments in New Zealand (Prime Minister Jacinda Ardern)= Risk of short squeeze
Technicals:
NZD/USD failed a third time to take out .6800 level.
After this week bullish candle (need to wait tonight close though...), we could expect upside momentum to continue for at least 3 weeks.
Target is the 0.7600 resistance level.
Feragatname
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