2024-02-06 • Updated
Traders are closely monitoring Fed speeches, particularly Fed's Mester speech scheduled for Tuesday, for further insights into monetary policy directions. Additionally, market participants await key economic releases later in the week, including New Zealand's Unemployment Rate for Q4 and China's Consumer Price Index (CPI) and Producer Price Index (PPI) for January. These data points will provide crucial cues for assessing the economic outlook and may influence the NZDUSD pair's movement.
AUDNZD has just bounced off the demand zone on the Daily timeframe, and I suspect the price action intends to target the supply zone on the 4-hour timeframe. Although I do not have a lot of confidence in this sentiment, I, however, expect prices to get attracted to the 100-period moving average as shown on the chart.
Analyst’s Expectations:
Direction: Bullish
Target: 1.07635
Invalidation: 1.06972
The 4-Hour timeframe on NZDCAD has been in a downtrend for a while now, as indicated by the moving averages. Following this, we see price currently approaching the 76% of the Fibonacci retracement, as well as the supply zone that lies underneath it. The bearish array of the moving averages adds an extra layer of confluence, whilst the 100-period moving average resistance is an additional factor to consider. My conclusion here is a bearish sentiment.
Analyst’s Expectations:
Direction: Bearish
Target: 0.81734
Invalidation: 0.82409
NZDJPY mirrors the price action as seen on NZDCAD, albeit with a few minor differences. In the case of NZDJPY, we see price currently approaching the 76% of the Fibonacci retracement as well, however, there is a confluence of two resistance trendlines, as well as the supply zone serving as the additional confirmations of the bearish sentiment in this case.
Analyst’s Expectations:
Direction: Bearish
Target: 89.620
Invalidation: 90.731
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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