NZD/USD Rebounds Above 0.6150 on Mixed NZ Data
The NZD/USD currency pair has rebounded above the 0.6150 level, breaking its two-day downtrend at a six-week low. The recent rise in the Kiwi pair is largely attributed to the mixed catalysts at home, along with the broad weakness in the US dollar.
The upcoming US Q1 GDP release is crucial for NZD/USD traders to watch. The market expects the GDP to ease to 2.0% on an annualized basis versus 2.6% prior. The recent hawkish concerns about the Reserve Bank of New Zealand (RBNZ) are expected to recede if the US Q1 GDP prints downbeat figures, which would support the Kiwi pair's latest recovery.
👉 The mixed catalysts, including the negative ANZ sentiment figures and the US-China tension, could further weigh on the Kiwi currency. Therefore, traders could consider a sell signal with an entry price around 0.6140, a take profit level around 0.6000, and a stop loss above 0.6160.
TRADE IDEA DETAILS
Currency Pair: NZD/USD
Current Trend: Bearish
Trade Signal: ↘️Sell
👍Entry Price: Around 0.6140
✅Take Profit: Around 0.6000
❌Stop Loss: Above resistance at 0.6160
Additionally, the mixed ANZ sentiment figures for April, along with the plummeting Business Confidence in New Zealand, could weigh on the Kiwi currency. Moreover, fears of a US recession, the banking sector fallout, and the US-China tension could also lead to a risk-off sentiment, which could benefit the US Dollar.
#ForexTrading #NZDUSD #MarketAnalysis #TradeSignals
The upcoming US Q1 GDP release is crucial for NZD/USD traders to watch. The market expects the GDP to ease to 2.0% on an annualized basis versus 2.6% prior. The recent hawkish concerns about the Reserve Bank of New Zealand (RBNZ) are expected to recede if the US Q1 GDP prints downbeat figures, which would support the Kiwi pair's latest recovery.
👉 The mixed catalysts, including the negative ANZ sentiment figures and the US-China tension, could further weigh on the Kiwi currency. Therefore, traders could consider a sell signal with an entry price around 0.6140, a take profit level around 0.6000, and a stop loss above 0.6160.
TRADE IDEA DETAILS
Currency Pair: NZD/USD
Current Trend: Bearish
Trade Signal: ↘️Sell
👍Entry Price: Around 0.6140
✅Take Profit: Around 0.6000
❌Stop Loss: Above resistance at 0.6160
Additionally, the mixed ANZ sentiment figures for April, along with the plummeting Business Confidence in New Zealand, could weigh on the Kiwi currency. Moreover, fears of a US recession, the banking sector fallout, and the US-China tension could also lead to a risk-off sentiment, which could benefit the US Dollar.
#ForexTrading #NZDUSD #MarketAnalysis #TradeSignals