NZDUSD: Watching 0.7040 for Directional Cues

OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Exactly one week ago the NZDUSD             closed the day back above the 0.7040/5 area. The break came after the March 15th rally fell short of overcoming the region and the pair subsequently sold off on March 16th.

However, last Tuesday’s session appears to have closed back below 0.7040/5. This suggests that the Monday break above the area was a false move.

Furthermore, the final 72 hours of activity last week was once again capped by 0.7040/5 on a daily closing basis. The result was a weekly bearish pin bar , albeit not at a major swing high.

Fast forward to today, and we can see that buyers are once again challenging the level. But as you may well know, I don’t pay much attention to intraday breaks such as this. Where the pair closes the session at 5 pm EST is much more important.

For now, I’ll remain on the sideline until we have a clear indication of whether 0.7040/5 is holding as new resistance. If so, we could have a selling opportunity on our hands.

Otherwise, a close back above the area would pave the way for a retest of 0.7133. This level served as support on two occasions in the second half of February and again on March 1st.
Get Forex price action setups here: http://bit.ly/2y1e6GM

Weekly forecasts here: http://bit.ly/2f3n66Q

Free Webinar: 7 Secrets of Consistent Forex Profits: http://bit.ly/2y14zQ3
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out