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Kiwi Dollar traders try to gain Momentum

The NZD/USD Forex market has edged, cautiously, lower as Kiwi Dollar bounced from early March lows. This rally has stalled around the pivot lining up at 0.71. However, there is no clear cut confirmation that the down trend is resuming. Please refer to the below daily MT 4 chart for today’s daily technical analysis.

kiwi
nzd/usd chart

Kiwi Dollar Technical Analysis

Let’s discuss today’s daily Kiwi Dollar technical analysis. There is near term support lining up at 0.6977. A daily close below this first downside barrier challenges the next technical support layer that lines up at the end of a cluster zone that runs from the March 9th low. This area is at 0.6890 to 0.6905.

The alternative Kiwi Dollar technical analysis, notes the trend line resistance lining up at 0.7330. A break above this first upside barrier challenges the next technical resistance level that lines up at 0.7075.

Trade Strategy

Let’s now discuss todays NZD trade strategy. Right now, I have a short NZD sale at 0.7205. I have since booked half the profit after meeting the first objective. The remainder of the trade remains open for further weakness in this Forex market. The stop-loss has been trailed to breakeven at 0.7205.

There is regional political instability in play right now. In a recent interview with the Financial Times, US President Donald Trump said the US will act unilaterally with North Korea if China did not do more to pressure the hermit nation from conducting ballistic and nuclear test. President Trump will be holding a two day meeting with the President of China in Florida this week.

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