Daily Price Action

NZDUSD Under Pressure Sub .7970


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NZDUSD is starting to show some weakness again below the .7970 key resistance level. The pair had recently found resistance there in October and the level has come into play once again this week.

I’m not a huge fan of using double tops on the 4 hour chart as I typically reserve it for the daily and weekly time frames. However today’s price action has formed what appears to be a double top at .7970. Only a close below neckline support at .7905 will confirm the pattern.

That said, we also have trend line support from the November 7th low in the same vicinity. Therefore we’ll need to see a close below both the key level at the .7905 key level as well as the trend line from November 7th.

If the market can close below this area on a 4 hour basis, we can look to sell the market on a retest of .7905. This should allow for a fairly tight stop, which will be needed given the support level and measured objective at .7840.

Summary: Wait for a 4 hour close below .7905 and current trend line support. We can then look to sell a retest of the area as new resistance. Key support comes in at .7840.

NZDUSD double top 4 hour chart

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