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NZDUSD is a Sell Until This Changes

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We start today’s commentary with NZDUSD, a pair that has been plagued by losses since early July. Since that time the pair has lost more than 1,000 pips.

Although the pair has managed to rally higher this week, it isn’t time to jump on the bullish bandwagon just yet. In fact I still like selling this market; at higher prices of course.

How much higher? The .7900 area provides a nice inflection point for us to watch for bearish price action. This area is defined by channel resistance and key horizontal resistance.

The daily chart may look a bit choppy, but the market is actually responding extremely well to the levels you see below. It should be noted that this channel is also being respected on a four hour basis, allowing us to get a more precise entry when the time comes.

Summary: Watch for bearish price action around the .7900 handle. Key support comes in at .7834, .7713 and channel support.

NZDUSD daily forex chart

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EURNZD weekly forex chart

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USDCAD 4 hour forex chart

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