FX Reversals: NZDUSD Reversal Update
- NZDUSD Opens in a 90 Pip Range
- Range Resistance is Found at .7814
- Breakouts Signaled Under .7678
NZDUSD 30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
Suggested Reading: Trading Intraday Market Reversals
The NZDUSD has started Tuesday’s trading traversing inside a 90 pip range. Currently price is still traversing between support and resistance values as defined by the camarilla pivots depicted above. Currently resistance is standing at the R3 pivot at a price of .7814. Range support is found at the S3 pivot at a price of .7724. As long as price remains between these values, and the market fails to breakout, traders can continue to look for range reversals at these points.
In the event that prices does breakout, traders can begin to look for bigger shifts in market price. A below the S4 pivot at a price of .7678, would signal a move to a lower low in the direction of the pairs daily trend. A move above the R4 pivot at .7860 would signal a break to a higher high, along with a broader reversal against the NZDUSD’s prevailing trend. In either breakout scenario, all range based orders should be concluded with day traders opting to place new orders with the markets prevailing direction.
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---Written by Walker England, Trading Instructor
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.