Forex Marketz Daily Forex News – Fully Markets Update
NZD/USD (0.6910)
- Support Levels: 0.6815, 0.6744, 0.6658
- Resistance Levels: 0.6950, 0.7032, 0.7170
- Trade Strategy: Stand Aside
The NZD/USD Forex market has pushed higher as the Kiwi is attempting a rebound. Please refer to the below MT 4 daily chart and note the bullish Morning Star candlestick then move higher.
Technical Analysis
Today’s technical analysis notes short term resistance lining up at the 0.6950 pivot. A daily close above this technical pivot will challenge the technical resistance lining up at 0.7032. The alternative technical analysis, should the NZD/USD push lower, notes the June 23 low lining up at 0.6815. A break below this technical support will challenge the technical support at 0.6744/45.
Trade Strategy
Entering a ling NZD trade is so tempting. Makes sense from a technical risk to reward perspective. However, I will pass on a long Kiwi trade and here is why. The fundamentals are worrisome. There is significant risk with event data coming out as New Zealand will release the trade balance numbers soon. This will add pressure on their central bank to hike interest rates. This, along with the ongoing Greek saga will add to the risk aversion with the sentiment driven New Zealand Dollar. Due to this, I will stand aside and pass on a long NZD trade for now.
