Forex Marketz Daily Forex News – Fully Markets Update
NZD/USD (0.7829)
- Resistance Levels: 0.7940, 0.8035, 0.8110
- Support Levels: 0.7800, 0.7680, 0.7525
The Kiwi is moving back south. Please look at the above daily MT 4 chart and note the inverted candlestick formation which is a bearish reversal signal. Once this was confirmed, the NZD/USD continued to inch lower.
We see near term resistance near 0.7938/0.7940. At this point, we need a break above this level with a daily close to challenge 0.8035. Should the Kiwi continue to move lower, then we need to break beneath the handle at 0.7800 to challenge the cluster zone marked at 0.7680 and ending at 0.7690.
My trading strategy is simple. I entered a short trade at 0.7910 with a target at 0.7800. I have completed half of this strategy at this time. I have a break even stop loss just below 0.7910 to protect losses in case of a reversal higher.
Trading Strategies are educational in nature and do not constitute trade advice. Please, always do your own technical analysis to support my conclusions before placing a trade.
