NZD/USD Rebounding from Support Level

NZD/USD Rebounding from Support Level

10:00 pm (EST) Update

NZD/USD 4 Hour: Rebounding from resistance level of 0.7680

Suggested positioning: Short positions below 0.7680 with targets set at 0.76 and 0.75 in extension.

Technical reasons why: The pair wasn’t able to break above the key resistance level and formed a bearish engulfing with the RSI heading down from the over-bought zone.

Alternative Scenario: Above 0.7680 look for more up moves towards 0.7750

Where I’m setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.75 0.0.7680 0.7750