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The NZDUSD price has reached a key resistance level where we could see a reversal from.
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NZDUSD Analysis
The NZDUSD price has been on our watchlist for reversal opportunities for the past few weeks as the strength meter highlighted the New Zealand Dollar weakness was about to reverse. This has led to some short term trading opportunities on kiwi markets including NZDUSD.
However, the weekly time frame on NZDUSD is in a downward trend with the price forming lower lows and lower highs. Using the volume profiles we know that there was a high volume level formed at 0.6812. The price has attempted to retest this level on a couple of occasions now and failed to do so showing us that there are sellers waiting at these highs.
Going to the 4hr time frame we can see the selling momentum in a lot more detail. The price sold off aggressively from these current levels last week which could happen again. The price has recently formed an indecisive candlestick pattern highlighting the buying momentum fading in the short term. If the price is going to reverse from these levels we can look for changes in trend on lower time frames. The 15 minute time frame at the moment shows that the momentum is still with the buyers currently, but if that was to change here at these highs and the price forms a new low we could begin to look for short trading opportunities in line with the potential continuation of the weekly downward trend.
Do you trade GBPAUD? see our previous analysis here.
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