NZDUSD Approaching critical resistance

Γενικός Δείκτης …. υπομονή και αναμονή
June 7, 2017
Τα επόμενα κρίσιμα βήματα…..
June 8, 2017

The NZDUSD has reached and surpassed our 0.7155 target and is heading towards the 78.6% Fibonacci retracement and the upper channel boundary at 0.73.

 

 

Price has broken above important cloud resistance. However there are several indications that imply a pull back or a full scale reversal might be close.

Price is trading inside a bullish channel and is forming an upward sloping wedge. Support is at 0.7188 and then at 0.7165. If these levels are broken then most probably the reversal has started. A break below the 0.70 level will confirm the bearish reversal.

The pair is approaching the 78.6% Fibonacci resistance and the upper red trend line resistance around 0.73. It is not necessary to reach that level but I believe that we should expect a strong bearish reversal to be seen between 0.72 and 0.73. I would not be a buyer at current or higher levels.

 

Thank you for taking the time to catch up with my thinking. Have a nice day all!!!

 

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.