Today’s Forex Guide

NZD/USD 4 Hour: Moving inside a triangle


Apr.14.2015

4:00 PM (EST) Update

NZD/USD 4 Hour Forex Dance Floor
NZD/USD 4 Hour: Moving inside a triangle

Suggested positioning: Short positions below 0.75 with targets at 0.74 and 0.73 in extension

Technical reasons why: The pair is moving inside a triangle while testing the Ichimoku cloud. The RSI is heading down towards the neutrality area. So far the pair hasn't been able to break above the Ichimoku cloud and a break below the triangle could open doors for more drops

Alternative Scenario: Above 0.76 look for more up moves towards 0.768.

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
0.74 0.75 0.768
0.73 0.76 0.78

 

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