Forex Marketz Daily Forex News – Fully Markets Update
The New Zealand Dollar has sunk to a two month low versus the US Dollar. However, sellers look to be losing some steam above the key pivot at 0.73 as the NZD/USD starts to tread water looking for a bottom. A daily close below 0.73 challenges the technical support at 0.7238. Should the NZD/USD reverse course and push higher, we have technical resistance at the technical level of 0.7350. A break above this level will challenge the key pivot at 0.74. Taking a look at the RSI indicator, note it is starting to flatten out and turn positive. Another signal sellers are losing momentum.
Trade strategy. Price action is in a narrow range right now. This means there is no long or short NZD trade setup at this time. I will opt to stand aside and wait for a better trade opportunity to come along. We also have a lot of even risk today, as the US will release key economic data.