$NZDUSD FORECAST: APPROACHING HOT RESISTANCE

Wednesday, February 18, 20150 comments




















The pair has pulling back higher within the past days, where price managed to take 0.7485 horizontal resistance level, completing a retest to it and heading higher again, and thus we might move slightly higher towards the next major daily potential resistance level at 0.7620. 0.7620 is a previous key low (seen on the daily chart).

The 50-days SMA is also around the same area.

I would look to short the pair near that area, a nice confirming bearish candle could be a good trigger, targeting initially 0.7485. stop loss could be at 0.7700
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