Wednesday 22 July 2015

The NZD/USD Bearish Trend Continues?




NZD/USD failed to break above the resistance at 0.6660 and moved to the downside again. The pair is currently testing the support at 0.6560, visible on the four-hour filter chart. I would say that currently the situation is pretty uncertain as the pair is still consolidating and that it might still try to break above the resistance at 0.6660 even though it is currently attempting to move to the downside. Personally, I will refrain from opening new short positions before I see NZD/USD break below the previous low, which is at 0.6497 as there is a very clearly formed double bottom on the four-hour filter chart.

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