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NZDUSD Teetering on Key Support

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As mentioned in yesterday’s commentary, NZDUSD came under pressure sub .7970. This was the level that acted as resistance for most of October and more recently acted as resistance this month to form a double top.

Also mentioned yesterday was the key horizontal support level and measured objective from the double top at .7840. The market did indeed find support at this level today, however it now appears that we may see further downside if the market can close below this key level on a 4 hour basis.

Summary: Wait for a 4 hour close below .7840. From there we can either sell a blind retest as new resistance or watch for bearish price action. Key support comes in at .7660.

NZDUSD 4 hour forex chart

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