The pair went back and forth testing the 0.69 resistance after it made a 2017 low at 0.6820 the previous week. I still prefer the downside and even if it breaks 1.690, the 1.70 handle should keep bulls in place. This is not going to be the easiest pair to trade as it’s a risk and commodity sensitive pair and then we have politics in NZD also playing a role. We need momentum to break down below 0.68 and perhaps we see it this coming week. Although the pair closed below 0.6820 on the Daily, the lack of momentum kept me from taking a trade. I will keep my eye on the 1.69/70 resistance and 0.6820 support this coming week.


Source: MARYNA

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