6:15 AM (EST) Update: New Zealand dollar – US dollar pair Forms Spinning Top on Daily Chart indicating indecisiveness in trading crowd. The pair continues to range between 0.77 & 0.73
Forex NZD/USD Daily: Downside prevails below the Ichimoku cloud
Trading Idea: Short positions targeting 0.73
Technical reasons why: The New Zealand dollar – US dollar pair continues to range between 0.77 and 0.73. Currently below the Ichimoku cloud and yet to reach the lower Bollinger band, we could expect further drops towards the key support level of 0.73. This is of course if the pair doesn’t suddenly go nuts after the current spinning top candlestick chart pattern and changes directions. was supported by a rising flag and bounced back up.
Suggested stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.7300 | 0.7460 | 0.7600 |
| 0.7238 | 0.7530 | 0.7675 |
