Forex Marketz Daily Forex News – Fully Markets Update
The NZD/USD Forex market is attempting to form a double bottom and edge higher once again. There is the formation of a bullish engulfing candlestick which indicates another bounce higher is in the cards.
Technical Analysis
Let’s look at today’s NZD/USD technical analysis. There is near term resistance lining up at 0.6680. A daily close above this technical level will challenge the technical resistance lining up at 0.6790. The alternative technical analysis, should the New Zealand Dollar reverse and turn lower, thus bringing this Forex market lower, notes technical support lining up at 0.6442. This is at the end of a cluster area that runs from the July 16 low at 0.6498 and ends at the technical support, mentioned above. A break below this technical level, challenges 0.6260.
Trade Strategy
Let’s look at the trade strategy today for the NZD/USD Forex market. There is some event risk coming out of the US today, as they will release retail sales later in the trading day. This could cause some Dollar volatility. From a technical analysis standpoint, the overall tone in the NZD/USD Forex market is bearish. I will treat any bounce higher as corrective giving me an opportunity to enter a short NZD trade. For now I will stand aside and monitor my charts for that trade in-line with the overall bearish trajectory on the charts. For today, I am flat in the NZD/USD Forex market.