The paths for NZD/USD

The paths for NZD/USD

2019-11-11 • Updated

Trade ideas

  1. SELL at 0.6843; TP1 0.6815; TP2 0.6775; SL 0.6860
  2. BUY at 0.6910; TP 0.7000; SL 0.6860.

NZD/USD reached the previous high at 0.6884 but failed to move higher. Yesterday’s candlestick closed below the 200-day MA. The daily MACD doesn’t confirm the recent high and the pair’s near the upper Bollinger band.

Screenshot_25.png

On H4, candlesticks with big upper shadows underline the significance of resistance at 0.6884. MAs are horizontal, so the pair may retest them correcting down.  

Screenshot_27.png

Notice that a break of resistance, although it is a less likely scenario from the technical point of view, can happen on the news. In this case, we propose an alternative bullish trade using pending orders.  

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