Home NZD/USD Price Analysis: Traders skinning the cat (bird)
FXStreet News

NZD/USD Price Analysis: Traders skinning the cat (bird)

  • NZD/USD is choppy in the correction and has offered opportunities both ways.
  • Bears looking for  a discount, but bulls staying in control.  

As per the prior analysis,  NZD/USD Price Analysis: Bulls look for correction, but GDP slated, the bulls have indeed corrected the knee jerk sell-off.

Prior analysis

”There is every likelihood that a 38.2% Fibo retracement could be realised in the forthcoming sessions, but the New Zealand  Gross Domestic product  will be important for the kiwi.    

A current 38.2% Fibo arrives in the 0.7080s.”

Live markets, hourly chart

As illustrated, the price has indeed corrected to the said target.

In doing so, there were a number of opportunities on the way there, and indeed, ”there’s more than one  way to skin a cat.”

On the lower time frames, such as a combination of the 15 and 5 min chart, an opportunity presented itself as follows:

Meanwhile, until the markets firmer on direction, there are arguments either way which should lead to some volatility over the coming sessions.  

This opens prospects of a downside extension once the correction has run out of juice.  

Therefore, bears could be looking for a discount at this juncture:

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.