NZDUSD analysis Forex October 2020
20 Oct 2020
Will the NZD (New Zealand Dollar) get stronger in 2020? It’s very unlikely. As supply and demand traders, we do not need to pay attention to fundamentals to do an NZDUSD analysis. However, If we were to believe major bank New Zealand Dollar forecasts, the NZDUSD would remain around 67 US cents to the NZ Dollar. But that’s not what forex price action and supply and demand is telling us about NZDUSD.
NZDUSD technical analysis
Price action is telling us a completely different story. A bearish correction is expected on the NZDUSD cross pair. NZDUSD analysis is no longer bullish, at least not as long-term traders. You can use this long-term NZDUSD analysis to sell short NZDUSD forex cross-pair if it drops as expected. See below NZDUSD technical analysis based on the monthly timeframe. NZDUSD is currently trading around 065 after a very strong bullish impulse that took a few months to be completed. It’s too late to buy NZDUSD forex cross pair.
You can use smaller timeframes to sell short NZDUSD if you are an intraday trader or you are into forex day trading. It’s not a good idea to buy NZDUSD right now. Check other Forex cross-pair analysis in my supply and demand blog.
NZDUSD price action analysis using supply and demand strategy
This is the kind of price action technical analysis you will learn in our trading community. You will learn how to locate new supply and demand imbalances and trade without using any indicators, no news, no fundamental analysis, no earnings announcements, no volume or VSA analysis. Just supply and demand imbalances.
Trading supply and demand imbalances are ideal for beginners and those with a full or half-time job. You won’t need to stay in front of the computer all day long trying to move price action with your mind.
As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and react strongly to those imbalances. Why do you see positive earnings, and then the underlying stock drops like a rock? Or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances in gaining control.
Join our supply and demand stock trading course to learn how to trade using our supply and demand trading strategy.
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