No data? No problem!
I’m looking at this simple trend setup on NZD/USD, and it looks like there’s good enough reason to go with the flow.
But before we get to the chart setup, here’s a quick recap of price action and the catalysts in the past trading sessions:

- U.S. headline retail sales surged by 5.3% vs. 1.1% estimate, core retail sales jumped by 5.9%
- FOMC minutes: Not yet ready to taper policy easing anytime soon
- FOMC: Stronger outlook for 2021 compared to December forecasts
- Canadian CPI recovered by 0.6% after earlier 0.2% drop
- U.S. industrial production rose by 0.9% vs. 0.4% forecast
- U.S. business inventories up by 0.6% vs. 0.5% consensus
- U.S. capacity utilization rate improved to 75.6% from 74.9%
- Australian economy added 29.1K jobs in January vs. 30.2K forecast
- Australia’s jobless rate dropped from 6.6% to 6.4% vs. 6.5% consensus
- Bitcoin climbs to new record $52,640 level
Upcoming Potential Catalysts on the Economic Calendar:
- Swiss trade balance at 7:00 am GMT
- ECB monetary policy meeting minutes at 12:30 pm GMT
- BOE member Saunders to testify
What to Watch: NZD/USD

The Kiwi gave up some ground to the Greenback in the previous sessions, but it looks like buyers are defending the ascending channel bottom on NZD/USD.
There seem to be no noteworthy economic releases in the upcoming trading session, so I’m guessing the current trend and market sentiment could carry on.After all, the latest batch of economic reports from the U.S. and Australia have shown strong improvements in consumer spending and employment, respectively. This might be enough to assure traders that major economies are starting to recover from the impact of the pandemic, thus lifting risk appetite.
I’m just a bit worried that the moving averages made a bearish crossover while Stochastic is starting to head lower, so another dip to the support levels might follow.
If you’re counting on risk-off flows to return, you could wait for a break below the channel bottom and go for a reversal of the uptrend!