Good morning Forex Kings,
If we take oil out of the equation, we have had a really solid week of trades.
I am currently trying to get another broker on the cards to trade oil with and will let you all know as soon as that is available.
Risk is returning to the market this morning as we have seen Gilead report a failed corona-virus drug test.
Traders are now looking to buy USD and JPY.
The NZD could come under further pressure as the RBNZ has opened the window to debt monetization and potentially negative interest rates. With this in mind the fundamental outlook for the NZD is bearish.
NZDUSD – Technical Analysis
NZDUSD has formed a series of lower highs on the 4 hour charts, it appears to be capped in a negative trend.
We are now looking to go short with stop losses above the trend line and swing high.
Trade setup: SELL NZDUSD – Market order (current price 0.5995), stop loss 0.6070 and take profit 0.5855
Stop loss: 75 PIPS
Take Profit: 140 PIPS