NZD/USD 4 Hour: Rebounding from resistance level of 0.7680
Suggested positioning: Short positions below 0.7680 with targets set at 0.7650 and 0.76 in extension.
Technical reasons why: The pair The pair formed a spinning top candlestick pattern upon market open on Monday during the Asian session, followed by a bearish sentiment moving the pair towards the middle Bollinger Band.
Alternative Scenario: Above 0.7750 look for more up moves towards 0.7850
Suggested stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.7650 | 0.77 | 0.7850 |
| 0.76 | 0.7750 |
