The pair blasted through the 6.6 handle and the 6.6500 resistance following the vote, and have since traded between the 6.7 handle as resistance and the 6.5000 level on what appears to be “resistance turned support” basis. The fact that the pair has managed to find support at 6.6500 in the context of an uptrend might imply focus will be out on the 6.7 figure, while the next resistance level may be found around the January high at the 6.7584 level. A move below 6.6500 may put ...
A daily close below the 50% Fibonacci retracement at 0.6986 opens the door for a challenge of the 61.8% level at 0.6913. Alternatively, a reversal back above the 38.2% Fib at 0.7060 clears the way for a test of the 23.6% retracement at 0.7150. It seems tempting to enter a short NZD/USD position. The available trading range is too narrow relative to ATR-measured volatility however, arguing against taking the trade on risk/reward grounds. With that ...
The price action since Monday is ‘shapeshifting’; the once rising channel has evolved into a symmetrical triangle above the low 2080s support. Given the S&P’s ability to hold support and converging price action towards the apex of a triangle, the path of least resistance will remain higher on a breakout above the top-side trend-line of the triangle. Should it break to the down-side and clear below 2080, then our focus shifts to the down-side. ...
After finding support at 6.5500 the pair moved higher to test the 6.6000, but has yet to manage a clear break and a hold above on a daily close basis. The pair has failed to hold above the level for two consecutive days since February. It seems that the pair might need to “make a decision” around the 6.5880 short term support level. If the pair manages to hold above the level, buyers could potentially attempt another move higher to break the 6.6000 handle. If price ...
After finding support at 6.5500 the pair moved higher to test the 6.6000 handle, but has yet to manage a clear break and a hold above on a daily close basis. In fact, the pair has failed to hold above the level for two consecutive days since February. The pair continues to test higher as the price pivots around the 6.6000 level while appearing to find short term support at 6.5880, in turn creating a situation in which the price trades ...
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