NZDUSD AnalysisAfter the RBNZ decided to leave rates on hold at 2.25% there has been a surge in kiwi strength, taking NZDUSD from 0.702 up towards the Weekly 50 MA at around 0.71500 (red line - psychological level). Where price is currently stalling and there is most likely some profit taking occurring as well, furthermore there is a Weekly resistance area just above the current 0.71480 highs and within this resistance area there is also the upper trendline of the ascending channel that could also prove to be a big hurdle for the bulls going forward.
Looking at the downside and the most appropriate levels to keep an eye on for potential longs would be the 38.2% and 78.6% Fibonacci levels which both coincide with Daily support areas.
Psychologicallevel
2786 AT STRUCTURE + IMPORTANT PSY. LEVELHi there,
-Recently found this good long opportunity, price has just closed above an important higher time-frame high, gave me the permission to look for bullish opportunity. As price moves, a great 2786 trading opportunity's presented.
-This is one of my system which consist of a simple double bottom (or top) followed by a break and close above (or below) and then a retracement back to the 0.78 Fib. Ret. of the whole move.
-This time it happened to be in lined with the structure level looking left and a very strong psychological level. So, I think this one might be a very good trading opportunity and worth sharing for you guys looking to get long on this pair.
That's it for today guys. Wish you success and God bless.
Fedro