NZDUSD Lower
Trying NZDUSD lower here.
From a technical perspective we have nice symmetry from the move down to the move up, RSI is extreme on the daily chart as well. US CPI came in lower than expected but we haven't been able to move higher which i think signals that the move is running out of steam.
The market is overall expecting a dovish fed based on the lower inflation numbers seen but i think it will be harder for the fed to pivot than the market expects. China is also having some covid issues and struggling with the reopening which has been one of the key benefits for NZD recently.
Agriculture ETF which NZDUSD has been following is moving lower.
Sentiment is extremely high for the pair and positioning i imagine is also quite high given the strong move higher we have seen over the past two months.
Not trading/investment advise, feedback welcome!
From a technical perspective we have nice symmetry from the move down to the move up, RSI is extreme on the daily chart as well. US CPI came in lower than expected but we haven't been able to move higher which i think signals that the move is running out of steam.
The market is overall expecting a dovish fed based on the lower inflation numbers seen but i think it will be harder for the fed to pivot than the market expects. China is also having some covid issues and struggling with the reopening which has been one of the key benefits for NZD recently.
Agriculture ETF which NZDUSD has been following is moving lower.
Sentiment is extremely high for the pair and positioning i imagine is also quite high given the strong move higher we have seen over the past two months.
Not trading/investment advise, feedback welcome!
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