Forex Marketz Daily Forex News – Fully Markets Update
The NZD/USD Forex market has been inching higher since finding support at the bottom of a falling channel that dates back to mid April. This channel has been guiding the New Zealand Dollar lower since then.
Technical Analysis
Looking at today’s technical analysis for the NZD/USD notes technical resistance lining up at 0.6782. A daily close above this level challenges the technical resistance lining up at 0.6885. This level is also the channel top. The alternative analysis, should the NZD push lower, notes technical support lining up at the channel floor. This technical support is at 0.6567. A daily close below this support challenges the technical support lining up at 0.6457.
Trade Strategy
Looking at trade strategy today is from a technical analysis perspective as event risk for the New Zealand Dollar is quiet. Right now price action is trading in a narrow range. This Forex market is also trading too close to a technical resistance level to justify a long NZD trade from a risk to reward perspective. There are also no clearly defined bearish reversal signals. This makes taking a short NZD trade at this time premature. Taking all of this into account, the absence of clearly defined trade signals, I will opt to stand aside for now and watch my charts for a more actionable trade opportunity to come along.