NZDUSD Potential Upsides

11 Mar 2023

Hey Traders, NZDUSD was trading in a downtrend, but after Friday's NFP NZDUSD managed to breakout the trend since NFP triggered some USD weakness. We still expect USD to be weak in the short term but remember this is just a part of the quiz as we still have to keep an eye on Tuesday CPI data to have more of a clear image about fed rate hikes expectations. a soft CPI will more likely push fed for a 25 bps rate hike and high CPI should indicate a rate hike of 50 bps and more of a restrictive monetary policy.
Technically i will be watching a potential retrace around 0.61 supply and demand zone.
Feel free to ask any question in the comment section.
Trade safe, Joe.