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 |
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