NZDUSD Broke Below Rising Channel & Ichimoku

NZDUSD Broke Below Rising Channel & Ichimoku

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
0.7300 0.7460 0.7700
0.7238 0.7600 0.7831