NZDUSD Price Action 02/09/14

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
139 0 1
As previously discussed, the level 0.84 is an important area as can be seen in the chart. But in the recent bars, it did not act as a support. What we are looking for here is the next support where we can place our Long trade because we are still bullish with this currency pair. The next supports are 0.821 and 0.811 level. Even though 0.811 is a more solid support than 0.821, we still need to consider the 0.821 and see if the price will reverse here.

Two scenarios can happen here. First is that, even though the 0.84 level did not act as a support solidly, the price might reverse and go up past that level. Second is that, the price might go down to the significant areas mentioned above before the price reverse. Patience is important. We need to wait for the price to reverse and that's the only time we're going to trade. As of now, there is no trade for us until the price approached those significant levels in the chart. Trade well.
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