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 |
