DAILY SPOT NZDUSD - Tuesday's call and technicals
Two bullish weekly hammers in a row to end May and the end to a sequence of lower weekly highs has switched this week’s signals to cautiously bullish. These are so far being confirmed with Monday posting a 2nd up-day in a row and a gain of ¾ Big Fig. Sellers have returned to the market in Asia this morning with prices trading close to the 3 week top and the pullback may extend. It should be temporary though and the outlook for Tuesday remains bullish, but cautious to start with the call is to stay square on the open and to buy the dip at .6555, a 38% pullback to the gains posted since Friday’s low with a stop loss at .6525, a deeper 62% correction, or to buy up through .6615, the 10th May high with a stop loss at .6580. Targets above .6615 are to .6637, the 4 week top and .6686, the 5 week high trade.
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