The NZDUSD remains one of the markets weakest currency pairs based on overall NZD weakness. Overnight, the NZDUSD moved to a new 11 week low on worse than expected Business Confidence data. Prices quickly moved through range support, located at the S3 Camarilla pivot at .6822, and continued to decline towards lower lows. Currently price remains under S4 support at .6795. As the pair continues in the direction of its daily trend, this can allow breakout and trend traders the opportunity to place new orders with the prevailing marker momentum.
A return to ranging markets is always a consideration, if prices reverse back inside of today’s support values. Currently todays pivot range is denoted by the S3 pivot mentioned above, and the R3 pivot residing at .6876. A reversal in price to today’s trading range, would signal an end to the current breakout environment. At this point, traders should reconsider their trading bias based off of the change in market conditions.
A return to ranging markets is always a consideration, if prices reverse back inside of today’s support values. Currently todays pivot range is denoted by the S3 pivot mentioned above, and the R3 pivot residing at .6876. A reversal in price to today’s trading range, would signal an end to the current breakout environment. At this point, traders should reconsider their trading bias based off of the change in market conditions.
Life comes down to a few moments, this is one of them.