Forex Marketz Daily Forex News – Fully Markets Update
Points to consider with the Kiwi Dollar:
- The Kiwi Dollar appears to be setting up to break out of the near term downtrend.
- There is no actionable trade setup at this time.
- Trade strategy: Stand aside
The NZD/USD Forex market is setting up to break above the confines of its recent downtrend that has been seeing the Kiwi Dollar move lower against the US Dollar since mid-November. Should this breakout confirm to the upside it could spell out more gains for the New Zealand Dollar. However the roader and longer term bearish model sis still intact for the time being. Please refer to the below daily MT 4 chart for today’ daily technical analysis.
Kiwi Dollar Technical Analysis
Let’s discuss today’s New Zealand Dollar technical analysis. There is near term support lining up at the 0.71 pivot point. This is where the falling tend line meets up. A daily close above this first upside barrier challenge the next upside barrier that lines up at 0.7121.
The alternative technical analysis, should the New Zealand Dollar move lower, notes a technical support level lining up at 0.7042. This is a former resistance level as well. The next downside barrier lines up at 0.6945.
Trade Strategy
Let’s now discuss today’s daily trade strategy with the New Zealand Dollar. There is no actionable trade at this time. There is no breach of the resistance that has been confirmed as of yet. There are no clear cut bearish reversal signals to warrant a short NZD sale at this time as well.
Taking all of this into account, including the upcoming US presidential inauguration on January 20, will opt to stand aside for the time being. For now, I am flat in this Forex market.
