NZDUSD trade Idea

Currency Pair: NZD/USD
Timeframe: H1
Date/Time of Signal: 06th November 2019

Review: Recently, NZDUSD have been on a downtrend and broke below the resistance level of 0.6410.

On 6th November 5.45am (SGT), New Zealand Unemployment Rate rose from 3.9% to 4.2%. As Reserve Bank of New Zealand (RBNZ) have made employment data as a key factor on its monetary policy, the Kiwi is now under pressure as expectations for RBNZ to cut the Official Cash Rate (Interest Rate) rise further.

Trade signaled to sell NZD/USD (Entry: 0.6372) with 3 Take Profit (TP) Targets (TP1: 0.6352, TP2: 0.6332, TP3: 0.6312) and Stop Loss (SL) at 0.6402.