Forex Marketz Daily Forex News – Fully Markets Update
NZD/USD (0.7370)
- Resistance Levels: 0.7445, 0.7508, 0.7605
- Support Levels: 0.7340, 0.7255, 0.7170
- Trade Strategy: Stand Aside
The Kiwi Dollar has bounced higher in the NZD/USD market. This is a corrective rally but the largest move higher in two months. Please refer to the below daily MT 4 chart.
A challenge of the near term resistance at 0.7445 could now happen. A daily close above this level will challenge the technical resistance at 0.7508. Should the NZD/USD move lower, then we see support at 0.7340. A break below this level will challenge the technical support at 0.7255.
The medium to long term Kiwi Dollar outlook remains bearish. A moves higher are corrective and will present an opportunity to enter a short NZD trade. I am waiting for a more opportune short NZD trade to present itself. Till then I will stand aside.
