Forex Marketz Daily Forex News – Fully Markets Update
NZD/USD (0.6524)
- Support Levels: 0.6442, 0.6260, 0.6115
- Resistance Levels: 06555, 0.6680, 0.6790
- Trade Strategy: Stand Aside
The NZD/USD Forex market is beginning to slide lower once again. The New Zealand dollar is dipping towards the July bottom after pushing higher against the US Dollar. Please refer to the below NZD/USD daily MT 4 chart for today’s technical analysis.
Technical Analysis
Looking at today’s NZD/USD technical analysis we see a cluster area running from 0.6498 to 0.6442 (July 19 low). A break below this zone challenges the technical support lining up at 0.6260. The alternative NZD/USD technical analysis, should the NZD push higher, thus supporting this Forex market, notes technical resistance lining up at 0.6555. A break above this level, on a daily close, challenges the next resistance level lining up at 0.6680.
Trade Strategy
Let’s now discuss today’s NZD/USD trade strategy. There is very little event risk on today’s economic calendar. With very little event risk, we do not need to worry so much about volatility from the news. On the calendar, later in the trading day, the United States will release their employment change number. Like I mentioned, above, that should have little effect on volatility. With that said, I will need to rely heavily on technical analysis and my charts for a trade decision today. Looking at the trading charts today, the NZD/USD Forex market is trading very close to a technical support level. From a risk to reward perspective, taking on a short NZD is not advisable. There are no clear cut bullish reversal signs as well. This means that taking on a long NZD trade is premature. Keeping everything in mind, and especially form a technical analysis stand point, I will opt to stand aside and monitor the charts for a better trade opportunity to come along. For today, I am flat in the NZD/USD Forex market as there are no clear cut trading signals.
