$NZDUSD Analysis


The New Zealand Dollar is set for a big drop on the daily chart. A neat completion of the BAT pattern / XABCD pattern within a wide diverging channel (grey slopes). The Kiwi has started its bearish dive as seen from the last long bearish candle. Open Short trade on profit taking would be an ideal strategy for Swing Forex Traders. Wait for further drop to enter Long positions. Scalpers will find plenty of intra-day trading opportunities with the $NZDUSD currency pair, mostly in-line with the bearish stance.

Immediate pivot levels to keep an eye on and set trading limits on: Resistance exists at 0.7312, yesterday's daily high and rise above which could take the pair up until 0.7348 level, which was the recent high (2017 high so far). On the flip-side support exists at 0.7222 level, prior high seen on 13th December (strong resistance then now could become a support). A drop further could take it to interim support at 0.710 (October '16 support) before plummeting further to hit the Supporting Slope.

#NZDUSD

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