NZD/USD: Good news for Bears!

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NZD/USD: Good news for Bears!

8:30 am (EST) Update

NZD/USD Daily: Broke Below Pivot Level with Target at 0.7460

Kiana’s positioning: Short positions below 0.7600 with targets set at 0.7460 and 0.7350 in extension.

Technical reasons why: Finally good news for Kiwi bears! After a bunch of spinning tops formed below the 23% Fibonacci, we finally got the bearish sentiment we were looking for in New Zealand Dollar. However, the pair does seem like its moving within a rising channel, so before we are proved wrong about that, I have moved my limit order up to the 0.7460 level which coincides with the lower level of the channel and middle of Ichimoku cloud. A break below this level could open doors for further drops.

Alternative Scenario: Above new key resistance of 0.7675 look for more up moves towards 0.7831

Suggested stops and limits:

Support Levels Turning Point Resistance Levels
0.7460 0.7600 0.7831
0.7350 0.7675