THE STRUGGLING NEW ZEALAND DOLLAR LOOKS TO REGAIN LOSSES SUFFERED IN OCTOBER. NZD BULLS ARE CURRENTLY IN THE DRIVER’S CHAIR AFTER BUYING AT 0.68. ALTHOUGH TECHNICALLY THIS PAIR IS HEADING UP I BELIEVE THAT 0.70 WILL BE MAJOR RESISTANCE. IF WE BREAK ABOVE THAT LEVEL THAN THE NEW ZEALAND DOLLAR SHOULD CONTINUE TO GO MUCH HIGHER. HOWEVER ANY TYPE OF EXHAUSTION AT THAT LEVEL SHOULD BE SELLING OPPORTUNITY. FOR NOW THOUGH PRICE IS HEADING UP AFTER PRINTING A DOUBLE BOTTOM, SO I WILL LOOK FOR LONG OPPORTUNITIES.

NZDUSD H4

PRICE HAS OPENED THE WEEK AT WPP, AND PRICE IS CURRENTLY BULLISH. A HIGHER HIGH HAS BEEN PRINTED SO A HIGHER LOW IS EXPECTED. SUPPORT IDENTIFIED AT WPP WHICH IS ALSO A FIB ZONE. A BUY AT WPP GIVES BULLS A TARGET OF WR2. RESISTANCE IDENTIFIED AT WM3, WR1, AND WM4 WHICH COINCIDES WITH MPP.

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