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NZDUSD Trendline Resistance

NZDUSD Trendline Resistance

2015-07-23 11:20:00
Walker England, Forex Trading Instructor
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Market Condition: Retracement

Target 1: Figure Support at .6600

Target 2: 2015 Low .6498

Invalidation: .6770

NZDUSD 1Day Chart

NZDUSD Trendline Resistance

(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)

The NZDUSD continues to be one of 2015’s strongest trends, declining as much as 1418 pips year to date. Today marks a retracement for the pair as the NZDUSD has bounced after last night’s RBNZ interest rate decision. This event has pushed price into a declining daily trendline under .6700. If resistance holds, this could create new retracement trading opportunities back in the direction of the primary daily trend.

In the event that price breaks through resistance, traders will watch for prices to test next resistance at.6770. This price represents a previous swing high for the NZDUSD. If price moves back above this value it would represent a new higher high, and at least temporarily invalidate any previous bearish retracement signals.

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