Looking at the NZD vs USD on the daily we can see the resistance at .85442 where price has pushed up to this level but failed to break this level on two consecutive days with the close of Thursday and Friday. The bears have been very aggressive at this level as price rose as high as .86044 only to be rejected and pushed back down nearly 80 pips with the close Friday at .85269 below the support level
. You will notice the long pin bar
on Thursdays close of nearly a 60 pip rejection. This resistance level
was previously hit on 10-22-13 and failed to break the level and fell slightly over 400 pips. Until price can reverse this resistance level
into a support level
I'll look for price to drop at least to the top of the S&R zone at .84327 If price continues downwards and breaks through the zone then we may see another 400 pip drop. Have a great week of trading and a Happy Saint Pat's Day. God bless!