NZDUSD – Testing Key Support (Weekly chart)
After an initial bounce from the key support zone (0.6780 – 0.6870) in the middle of May, price is now re-testing the LT support zone a second time.
My bias for this pair is neutral which means I’m looking to trade both sides of the market. Thus traders can look to buy the bottom and sell the top of this range as long as it holds, targeting the opposite side.
The current price action context can offer bulls such a potential trading opportunity.
A failure of this support would open up for technical selling towards 0.6680 initially, possibly followed by 0.6580 & 0.6430.
After an initial bounce from the key support zone (0.6780 – 0.6870) in the middle of May, price is now re-testing the LT support zone a second time.
My bias for this pair is neutral which means I’m looking to trade both sides of the market. Thus traders can look to buy the bottom and sell the top of this range as long as it holds, targeting the opposite side.
The current price action context can offer bulls such a potential trading opportunity.
A failure of this support would open up for technical selling towards 0.6680 initially, possibly followed by 0.6580 & 0.6430.