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Trade idea: NZD/USD Bullish Z Pattern

By Kenny Simon

NZD/USD Bullish Z Pattern

The New Zealand Dollar made a U-turn downwards from a one-year high as investors awaited the release of the latest Chinese trade data that’s forecast to show slides in both exports and imports for June. The NZD/USD finished at .7259, down 0.0040 or -0.55%. Today’s trade data report from China could drag the excitement to the upside for the NZD/USD especially so if it comes in weaker-than-expected. Currently, the forecast is for the report to show slides in both exports and imports for June. This could pressure the NZD/USD further later in the session if it misses the estimates. From the perspective of Chart Patterns as shown on the daily chart above, a bullish Z pattern maybe forming with current progression of a downside move form C to D( the blue zone). Ideally for a short entry be more conservative under the 0.7210 area or possibly lower under the 0.7200 psychological area.

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