Forex Marketz Daily Forex News – Fully Markets Update
NZD/USD (0.6655)
- The New Zealand Dollar gaps higher. Largest daily gain in nearly a year (11 months).
- Looking for the first available short NZD sale in line with the larger bearish trend in this Forex market.
- Trade strategy: Stand aside
The NZD/USD Forex market has produced its largest rally in nearly 11 months this morning in Asian trade hours. The US Dollar has seen a bit of a collapse early on. This Forex market has now broken out of its two week old range trade as it pushed above the pivot at 0.66. Please note the below NZD/USD daily MT 4 chart for today’s technical analysis. Once again the support near 0.64 has held.
Technical Analysis
Let’s look at today’s daily NZD/USD daily technical analysis. This Forex market is trading near the 200 daily moving average (DMA). The first level of resistance lines up at 0.6678. A daily close above this technical barrier challenges the technical resistance level lining up at 0.6758. The alternative NZD/USD technical analysis, should the Kiwi Dollar fall lower, notes technical support at 0.6615. A break below this first support barrier challenges the next technical support lining up at 0.6551/2.
Trade Strategy
Now let’s discuss today’s daily NZD/USD trade strategy. The dominant trend in this Forex market remains bearish. This latest bounce higher remains corrective and I will wait for it to lose steam. Keeping this in mind, I will opt to stand aside and wait for another short NZD sale to come along. For today, I opt to stay flat in the NZD/USD Forex market until my desired short sale materializes.
