Tickmill's Investing Diva, NZDUSD Daily Outlook 06-07-20
NZDUSD Daily Outlook 06-07-20 - Last Friday the NZD was among the top-performing major currencies and it continued its bullish momentum to Monday’s Asian session after a long weekend for the USD traders. Meanwhile, Coronavirus researchers continue to compete for vaccine test objects, making a push to recruit tens of thousands of healthy volunteers for final-phase testing.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
We are not expecting much on the risk event side of things on Monday as the economic calendar is fairly low risk. We will be eying the US ISM non-manufacturing PMI though as well as the Euro Area’s retail sales.
Today I’m looking at the NZD/USD pair which is approaching the highs of early June and the resistance level of 0.6572. The pair remains above the ever bullish daily Ichimoku cloud.
However, if the pair fails to break above the immediate resistance level, it could start to form a double top bearish reversal chart pattern which could bring the pair back to at least the upper band of the Ichimoku cloud at around 0.63.
Do you think the NZD/USD pair will be able to break above this resistance this week?
Head over to the comments section and let me know.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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