Last night we opened a forex signal in NZD/USD. We sold this pair at 0.7169 while the sellers were slightly pushing lower in the early hours of Asian trading.

The chart doesn’t look great because we’re a few pips in the red, but it doesn’t look too bad either.

The buyers pushed around 15-20 pips higher in the last hour but this move is too weak compared to the 30 pip jump in EUR/USD and the 40 pip dive in US/JPY.

According to the price action we’re seeing in this pair this morning, I think that the upside is limited.

Previous resistance is still in play at 0.72

The 100 SMA (green) on the hourly forex chart is not too far away, holding around 0.72, which was the high on Friday. That’s a pretty decent resistance level if we do move up there, but I doubt it, given the lack of will to push above last night’s high. So, for now, we´re hanging on to our NZD/USD signal.