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NZDUSD Shorts Favored Below .7840

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NZDUSD continued its march lower today, eventually finding support at .7765. This area has continuously served as support and resistance since late September.

The pair now finds itself trading below the key .7840 level, which acted as support on November 14th and again on November 20th. We can therefore watch for bearish price action on a retest of this level as new resistance.

A key area of support lies between .7740 and .7765. A breach here would bring a move down to the year low at .7760.

Summary: Watch for bearish price action on a retest of the .7840 area. Key support comes in between .7740 and .7765.

NZDUSD 4 hour forex chart

GBPNZD analysis

GBPNZD 4 hour forex chart

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