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 |
| 0.76 |
