Talking Points
- NZDUSD Trades at a 2015 Low
- S4 breakouts begin at .6795
- Range resistance sits at .6876
NZDUSD 30Minute Chart
(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)
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The NZDUSD remains one of the market’s weakest currency pairs based onoverall NZD weakness. Overnight, the NZDUSD moved to a new 11 week low on worse than expected Business Confidence data. Prices quickly moved through range support, located at the S3 Camarilla pivot at .6822, and continued to decline towards lower lows. Currently price remains under S4 support at .6795. As the pair continues in the direction of its daily trend, this can allow breakout and trend traders the opportunity to place new orders with the prevailing market momentum.
A return to ranging markets is always a consideration, if prices reverse back inside of today’s support values. Currently today’s pivot range is denoted by the S3 pivot mentioned above, and the R3 pivot residing at .6876. A reversal in price to today’s trading range would signal an end to the current breakout environment. At this point, traders should reconsider their trading bias based off of the change in market conditions.
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Previous Market Setups
EURUSD Continues Trading in Range
GBPUSD Reaches Range Resistance
---Written by Walker England, Trading Instructor
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