Today’s Forex Guide

NZD/USD Reached Both Bearish Targets – New Zealand Unemployment Aftermath


May.06.2015

11:30 am (EST) Update

NZD/USD Daily
NZD/USD Daily: Reached both bearish targets after worse-than expected unemployment rate. Remains within rising channel

Trading Idea: Short Positions Below 0.7530 Targeting 0.7460 in extension (again)

Technical reasons why: The pair continues to range within a rising channel while it dropped down touching both our bearish targets at 0.7530 and 0.74. It also tested the Ichimoku cloud's shift (falling very nicely right in between!!) but pulled back up. I still think there is a chance that we see another touchdown in the 0.7460 area.

Alternative Scenario: Above 0.76 look for further up moves back to 0.77 area

Suggested stops and limits:

Support Levels Turning Point Resistance Levels
0.7530 0.7600 0.77700
0.7460 0.7675 0.7831

 

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