NZDUSD Trade IDea (1th February 2020)

Currency Pair: NZDUSD
Timeframe: H1
Date/Time of Signal: 11th February 2020 / 1230hrs (SGT)

Review:
Analysts and economists are downgrading China’s GDP growth forecast for 2020 as the coronavirus outbreak hits the world’s second largest economy. Given New Zealand’s economic reliance on China, the growing pessimism that China’s coronavirus could impact New Zealand’s economy.

Recently, NZDUSD has been on a downtrend and has broken through the support level of 0.6430.

Following the trend, trade signaled to sell NZDUSD (Entry: 0.6387) with 3 Take Profit (TP) Targets (TP1: 0.6367, TP2: 0.6347, TP3: 0.6327) and Stop Loss (SL) at 0.6417.