FX Reversals: NZDUSD Trading in Range
- NZDUSD trades in a 41 pip range
- Range resistance is found at .6727
- Bearish breakouts begin at .6665
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)
Looking for more FX Reversals? Sign up for my email list here: SIGN UP HERE
After a series of range bound daily candles, the NZDUSD has remained range bound in early trading this morning. Price is currently trading near the S3 Camarilla pivot, which represents range support at .6686. At this point in time, price has yet to trade towards the R3 pivot which is found today at .6727. This point is currently acting as range resistance creating a 41 pip trading range for the day. As long as price continues to hold at support, reversal traders may look for prices to bounce back towards values of resistance.
Traders should be aware that a price breakout above R4 or below S4 would signal a conclusion to today’s range bound environment. A move above R4 at .6748 would suggest a reversal against the pair’s long standing down trend, as the NZDUSD would be working towards a higher high. Likewise a break below S4 support at .6665, would signal a return in direction towards the pair’s prevailing downtrend. In either scenario, traders may select to conclude any range positions while looking for orders with the markets new direction.
Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning about Forex and working on your trading education HERE.
Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.
Previous Market Setups
---Written by Walker England, Trading Instructor
To Receive Walkers’ analysis directly via email, pleaseSIGN UP HERE
To contact Walker, email firstname.lastname@example.org.
Contact and Follow Walker on Twitter @WEnglandFX.
Video Lessons || Free Forex Training
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.