DAILY SPOT NZDUSD - Wednesday's trade idea and technicals
March’s buying from the 200 day average rate and gains through the 50 & 100 day lines is positive for sentiment, but ahead of a daily bear trend the outlook for Tuesday was neutral. The trend continues to be tested but not broken and with sellers returning to the market in Asia this morning a sequence of higher daily lows has been ended which is negative for sentiment. However, until support at Thursday’s low is broken the outlook for Wednesday is just cautiously bearish and the call is to sell on the open and then at .6854, today’s opening trade in Asia with a stop loss at .6880, the daily bear trend. Targets are to .6813, Thursday’s base, .6788, last week’s low and .6744/49, March’s bottom.
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