The Top #Forex Trades for Today 8th August [#NZDUSD]

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The NZDUSD pair is currently exhibiting a parabolic movement, a trend that is supported by all analysed charts. The overall market structure is displaying a bullish sentiment, a trend that is further reinforced by the weaker performance of the Dollar Index (DXY) as indicated by the correlation between the two. This combination of factors suggests a favourable environment for the New Zealand Dollar against the US Dollar.

One key technical pattern to watch is the rising wedge formation that the price is currently holding onto. This pattern often signifies a period of consolidation and typically precedes a significant price movement. In this case, as long as the price maintains its position within the rising wedge, there is a strong indication that the NZDUSD pair could continue its upward trajectory.

Based on the current analysis and market conditions, it is reasonable to anticipate that the price of NZDUSD may target the level of .6120 in the hours ahead. Traders and investors monitoring this currency pair should pay close attention to how the price action evolves within the context of the rising wedge pattern and the broader bullish market structure to make informed decisions regarding their positions.

Chris

Head Coach & Trader for over 30 years

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