To kick off trading for this week we’re looking at the NZDUSD daily chart. We can see the NZD is showing signs of extreme strength here with some very powerful bullish power days. The NZDUSD has managed to push up into a weekly resistance ‘area’, which could have potentially been a reversal point for this market.
The underlying strength remains here as the NZD bulls continuously reject moves into lower prices (not the lower wicks on the last couple of daily candles). The previous session closed as a bullish rejection candle with a close higher than it’s open price – a nice feat of bullish strength. We’re already seeing rejection of asia session retracements. Some War Room traders have managed to take advantage of these asian session retracements to grab a good entry price into this trade.
The market looks like it’s gearing up to push into all time highs now.