As the Dollar continues to stagnate, the minor currency pairs prove to be worth looking at as AUDNZD pushes lower and NZDJPY pushes higher.
Yesterday price action traders were eyeing potential shorts for AUDNZD as this month’s candle is closing up to be a shooting star. Traders were able to enter short once the price was able to close bearish below the weekly support. Traders will look to target this past November’s low for this trade.
As the New Zealand Dollar continues to gain upside momentum, NZDJPY pushes to make new yearly highs. Price action traders are looking to long this pair with the previous lower highs of the downtrend as take profit levels.
This morning’s prelim GDP for the US came at 6.4% versus the forecast of 6.5%. This led to a very small drop in the DXY as the index is stuck in its stubborn ways. Traders can expect this behavior to continue for the Dollar as bears and bulls continue to fight.
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- Read yesterday’s breakdown: AUDNZD Shorts and NZDJPY Longs as Majors Struggle to Move