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political uncertainty and weak job market in the US call for a safe heaven currencies strength. the price action on Monday with a morning gap in EURUSD and USDJPY provide a hint that a furher decline of USD against EUR and JPY is possible. EURUSD and USDJPY could retest 1.2 and 108.5 respectively in the coming days
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NZDUSD trade setup
NZDUSD is fighting back against short fiercely. It lacks a momentum to continue a move down. RBNZ clearly advocates for NZD weakness. The reaction on RBA statement by AUD was neutral as expected. In many cases traders fade out such announcements which can happen to AUD today. This will drag NZD into a freefall. The chart of NZDUSD shows a sideways movement in the recent days. The currency pair needs to breakout strongly above 0.655 to create an upside bias. With the spikes on H4 charts and a ret…