Talking Points
- NZDUSD finds resistance after NFP
- Range resistance sits at .7476
- A breakout below .7391 suggests a bearish trend resumption
NZDUSD 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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Markets waited in anticipation for today’s Non-Farm Payroll event. Despite coming in at 223k, slightly less than expected, many USD pairs have yet to breakout from their respective trading ranges. The NZDUSD is one example, which is now trading above its R3 Camarilla pivot found at .7476. If price moves back inside of its range, traders will watch for prices to move back towards values of support including the S3 range support pivot at a price of .7420. It should be noted that price has previously tested the S3 pivot three times in early trading, and price has traversed the standing 56 pip trading range once.
Alternatively, traders will begin looking for a breakout, if prices for the NZDUSD move above today’s R4 pivot point found at .7505. As well, a move below the S4 pivot at .7391 would suggest a reversal back in the direction of this week’s NZDUSD trend.
Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your day trading techniques while tracking the market in real time.
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---Written by Walker England, Trading Instructor
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