Support & Resistance Levels For NZD/USD – Are You Using Them?
In the last several trading days we opened a few forex signals on the NZD/USD. We used to be bearish on this pair until a couple of weeks ago, but in the last two weeks the trend has changed in all USD pairs, so we´ve changed our opinion as well, at least for the time being, until the trend changes again, what else can we do?
Yesterday morning we had a winning forex signal here and opened another one earlier today since the retrace down seems to have run its course on the hourly forex chart. So, I think it´s time to have a look at the support & resistance levels for this forex pair.
Resistance Support
1 – 0.7050-60 (strong – he high so far) 1 – 0.7020-25 (strong – 50 SMA on H1 chart)
2 – 0.7070 (mild – 200 SMA on the daily chart) 2 – 0.6990-0.70 (medium – yesterday´s low)
3 – 0.71 (strong – 50 SMA on the weekly chart) 3 – 0.6980 (strong – 200 SMA on H4)
4 – 0.6950 (strong – resistance for the past 3 weeks)
These are the support and resistance levels for the NZD/USD, which we must use when trading this pair in the coming days. We used the first support area (0.7020-25) for our forex signal that we opened today. Let´s hope the trend remains intact and we end up with yet another winning forex signal.
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