In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we advise you to keep an eye on the NZDUSD both fundamentally and technically.
From a fundamental perspective, we have the RBNZ making an interest rate decision at 1 am (UK time). The market is very much expecting a 25 basis point decrease from 1.00% to 0.75%. This is largely due to weak inflation, rising unemployment and a slowing economy.
With this in mind, a good market to trade it against is the US dollar. The overall directional bias is to the downside and prices are just hovering about 3 daily lows. As a result, if prices break below 0.6320 then this would represent a strong high probability trade to the downside.
Keep an Eye on the NZDUSD – Full Video Analysis
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