NZD/USD - re-test of weekly resistance and daily resistance zone
After a bearish start to NZD/USD price action this week, price found support at 0.6525 and has been pushing higher ever since. The bullish momentum over the past two days has seen price move back above the psychological level of 0.6600.
At this current time, due to the break below the main daily ascending trend zone at the start of August, we are still favouring short opportunities on this currency pair and see this latest bullish push as a potential to enter short. That being said, we are hanging back from USD pairs today as a result of the Fed's speech and Initial Jobless figures later today - we recommend doing the same.
Back to price on the NZD/USD - price is now running into a daily resistance zone between 0.6660 and 0.6690, along with the weekly resistance zone. This confluence means, once news has passed today, we will be looking for short opportunities. If price closes above 0.6690 this analysis will be invalid.
At this current time, due to the break below the main daily ascending trend zone at the start of August, we are still favouring short opportunities on this currency pair and see this latest bullish push as a potential to enter short. That being said, we are hanging back from USD pairs today as a result of the Fed's speech and Initial Jobless figures later today - we recommend doing the same.
Back to price on the NZD/USD - price is now running into a daily resistance zone between 0.6660 and 0.6690, along with the weekly resistance zone. This confluence means, once news has passed today, we will be looking for short opportunities. If price closes above 0.6690 this analysis will be invalid.