NZDUSD Daily Outlook 17-07-20 – On Thursday the Dow fell for the first time in 5 days, dropping more than 200 points after disappointing US jobs data, The ECB opted to maintain its emergency coronavirus bond-buying program and the ECB President Christine Lagarde said the central bank will go all the way on stimulus even as economy recovers. Meanwhile, the U.S. retail sales increased a better-than-expected 7.5% in June.
Welcome to the Tickmill update, I’m Kiana Danial the founder of the Invest Diva movement. Make sure to subscribe to the Tickmill YouTube channel and support us by liking and sharing this video with your forex trading friends.
On Friday we’ll be eying the EU Meeting on Common Recovery Plan, Euro Area’s Core Inflation Rate YoY Final (JUN), and the Michigan Consumer Sentiment Prel (JUL) in the US.
Today I’m looking at the NZD/USD pair which just like many other USD crosses appears to be in the process of forming a double top bearish reversal chart pattern at a key resistance level.
For this particular pair, the resistance level is at 0.6572.
On the 4-hour chart, the pair has entered the Ichimoku cloud but the future cloud is super thin and flat indicating we could see more consolidation at this level before a new direction is confirmed.
A break below the Ichimoku cloud could open doors for a revisit of the pivot level of 0.64 at the very least.
Will you be taking a position on this pair anytime soon? Head over to the comments section and let me know.
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