From Investor to Scalper- NZDUSD Close to Key Resistance - Forex Trading For Profit

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From Investor to Scalper- NZDUSD Close to Key Resistance

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NZDUSD moved south since setting a formation of double top at 0.8800 in July 2014 . Although these declines did not reach the 0.6000 level, first bullish reaction was in September 2015, and since then we have seen steady increases.

NZDUSD Monthly

Looking on weekly chart, we can see that all these increases are within a channel. It is also worth noting that pair is approaching a very significant resistance converging with the 50% Fibonacci correction from the previous downward movement.

NZDUSD Weekly

On daily chart, we note that this zone is placed in the upper limit of consolidation lasting from the beginning of June 2016.

NZDUSD Daily

If this zone will stop declines and in the area will appear supply reaction, we expect at least a downward correction. The closest, local and still untested support remains the upper limit of the previous growth channel from which  we broke out yesterday.

NZDUSD H1

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