NZD Bulls Stepping on the Gas, U.S. Equities Flying
Eric Furstenberg • 1 min read
In this morning’s update, New Zealand Dollar on My Radar, I eyed the NZD/JPY and suggested more upside on this pair.
In the meanwhile, both the NZD/USD and the NZD/JPY have risen impressively. Here is an updated chart of the NZD/JPY:
NZD/JPY Hourly Chart
Although now might not be the most optimal time to enter long on this pair (because it is severely overbought), I would definitely look for buying opportunities in the next few days or weeks.
Let’s turn to the equity markets and have a look at the S&P 500:
S&P 500 Hourly Chart
The U.S. equity markets opened less than an hour ago. The S&P 500 had a flying start indeed. This index is in a powerful uptrend, not only on this hourly timeframe but also on the more important daily timeframe.
For now, I’m firmly in the bull camp! Good luck!