8:45 am (EST) Update
NZD/USD Daily: Reached Extended Bearish Target
Trading Idea: Range trade between 0.7460 and 0.7350
Technical reasons why: The pair broke below a rising channel and the Ichimoku cloud, and is currently supported by a rising support at the 0.7350 level. A break below this level could confirm further drops towards previous bottom at 0.7238.
Fundamental Outlook: RBNZ Financial Stability Report is out Tuesday at 10 Pm GMT.
Alternative Scenario: Above 0.7460 look for further up moves back to 0.76 and 0.77 in extention
Suggested stops and limits:
|Support Levels||Turning Point||Resistance Levels|