NZD Sellers at 0.7240: Smackdown Opportunity! - Forex News by FX Leaders

NZD Sellers at 0.7240: Smackdown Opportunity!

Posted Friday, September 29, 2017 by
Rowan Crosby • 1 min read

It looks to me that the poor old NZD/USD just can’t poke its head above the 0.7240 level. Whenever it tries it just gets whacked straight back down to where it came from. Looking at the price action on the charts it is clear that there is selling in that area.

There are strong green candles followed by red ones headed straight back down. That started yesterday and has managed to continue to hold up today.

This might be a good level to look for some short-term scalps. We also have resistance at 07250 which is an obvious place for a stop.

NZD

NZD/USD – 240 Min Chart.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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