Ready to Start Trading?
Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.
Apply onlineAny Questions?
Contact us:
phone: +1 849 9370815
email: sales@tradersway.com
NZD/USD might be due for a bounce this week, as the US gears up to release a downward revision in its Q1 GDP reading. The figure was initially reported at 0.1% but analysts predict that the second version could show a downgrade to -0.6%, effectively showing an economic contraction for the period.
This could trigger a rally for NZD/USD back to the previous highs around the .8700 levels. Stochastic is showing a shallow bullish divergence, as the oscillator made higher lows while price made lower lows.
On the other hand, a break could lead to a sharper selloff if the GDP reading comes in strong. There are no reports due from New Zealand this week but data from the economy has been relatively strong.
Going long at the current levels and aiming for .8700 with a 50-pip stop could yield at least a 3:1 return on risk.
By Kate Curtis from Trader's Way
Any Questions?
Email Us: sales@tradersway.com
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
2023 Martin Luther King Holiday Schedule
Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....
Learn more