NZD/USD- Ride back to support
Our bottom line in this week’s NZD/USD Technical Outlook noted that, “The near-term risk is for a larger recovery on this rebound with our focus higher while above 6850. Ultimately a larger recovery should offer more favorable short entries near structural resistance. From a trading standpoint, I’ll favor fading weakness while above today’s low targeting a move back towards former the underside of the May trendline.”
The price rally turned just one pip ahead of our second resistance target today! Note that 6915/20 and 6944 were both marked as areas of interest for possible exhaustion if reached and with the broader risk in the New Zealand Dollar still lower, it’s a good idea again here to scale out a portion of the longs and set stops to breakeven. Initial support now 6881 with near-term bullish invalidation now raised to 6860.
The price rally turned just one pip ahead of our second resistance target today! Note that 6915/20 and 6944 were both marked as areas of interest for possible exhaustion if reached and with the broader risk in the New Zealand Dollar still lower, it’s a good idea again here to scale out a portion of the longs and set stops to breakeven. Initial support now 6881 with near-term bullish invalidation now raised to 6860.
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