We are analyzing the trading activity of HFT algorithms in the Fx market this morning and have noticed that the NZDUSD currency pair has already reached the light HFT selling pressure zone today which is noted at 0.6481 and above.
Additionally, the 0.6400 level is a notable resistance level in NZDUSD as there are a number of previous highs around it. However, for the moment no clear bearish signal has formed as can be seen from the Master MACD and the FxTR CCI indicators which are both still showing the trend as bullish. A solid confirmation signal that NZDUSD is reversing here will be if these indicators turn bearish (red).
In that case, traders can look for NZDUSD to reach the 0.6450 zone (0.6454 level drawn on the chart) which is a notable support on the charts. If the price goes through this support, then the light HFT buying pressure zone that is noted at 0.6426 and below will be the next area where the decline may stop.
NZDUSD Current Trading Positions
High Risk Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
ADVISORY WARNING: Any news, opinions, research, data, or other information is provided as general market commentary and does not constitute investment or trading advice. FXTradingRevolution.com expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information.