Forex Marketz Daily Forex News – Fully Markets Update
NZD/USD (0.7652)
- Resistance Levels: 0.7652, 0.78, 0.7997
- Support Levels: 0.7555, 0.7405, 0.7160
- Trade Strategy: Stand Aside
The NZD/USD has paused to digest gains for the New Zealand Dollar. Looking at the below daily MT 4 chart we are pushing up against the trend line resistance from the falling trend channel dating back five months.
Right now, near term resistance is lining up at 0.7652, which we are testing now. This is a significant level as it is trend line resistance. A daily close above this level will challenge the technical resistance and pivot at 0.78. A close below the congestion area that runs from 0.7607 to 0.7555 will challenge the technical support at 0.7405.
Risk to reward perspective, we are at a resistance level so timing is not right for a long NZD trade. There are no bearish reversal signs, so a long USD trade is premature. I am sitting on the sidelines waiting for a more actionable trade setup to emerge.
