NZDUSD Forex Analysis 12 July to 16 July 2021
Jul 9, 2021
We predicted a choppy week for the NZDUSD, it started the week liquidating shorts that entered near the 0.71 levels before fulfilling the downside bias we had for the pair. As the trading week came to a close, the pair found strong resistance to the upside. The coming week will continue to be uncertain for this pair but bias remains to the downside.
BEAR CASE:
If there’s enough conviction, the all time low should be broken fairly easily in the coming week and should find some real support at ~0.68 levels.
BULL CASE:
Unless there’s fundamental shift to the pair, the bull case will be capped at ~0.71 level where it will stop out some more traders. It will then need to retrace to build up enough momentum to shoot to the upside.
