Forex Marketz Daily Forex News – Fully Markets Update
NZD/USD (0.8120)
The Kiwi has been struggling not to visit a floor near the key technical level at 0.8060. We saw some signs of a reversal when a piercing candlestick formed. This would have been a clear bullish reversal signal. It failed as the NZD/USD closed on a downtick. A fall below 0.8060 will be very bearish but could pose a opportunity to buy. We have a significant support level to possibly make buy at 0.7755. A recovery above 0.8260 means we have a bottom in place.
Looking at our four hour chart below, we see choppy price action, if not consolidative in the short term. This could prevent buy sell opportunities during the course of a day. However, to ascertain a clear direction signal, makes it difficult.
