NZDUSD: Selling intraday rallies, see why? by Reece Marini

NZDUSD Weekly

NUW

The selling pressure is likely to pick up on the downside in the Kiwi with the double bottom and 38.2 fib giving way last week. The next major support level is not until the 50 fib that comes in at 0.68640, looking forward selling rallies will be the best play in my opinion.

NZDUSD H1

NU1

The smart money has been seen selling every 1:1 (Purple) in the recent leg lower after the AB=CD (Yellow) attracted strong selling interest at 0.78850.

NZDUSD M5

NU5

The intraday resistance level to keep a close eye on is the 1:1 (Yellow) at  0.72270. This level will likely attract some selling interest if it is reached, it will be best to keep stops tight when selling any rally with the market already trading outside of its daily average range.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

 

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