NZDUSD – Testing Multi-Year S/R Zone (Daily chart)

Price Action Context

 The false break we mentioned in last week’s daily trade ideas to our members, was followed by a move higher and price is now testing a multi-year S/R zone that acted as strong support between Q4 2016 and Q2 2018.

 

Trending Analysis

 LT bias is bearish as long as we're below 0.69. If this resistance holds, a move down towards LT support is likely, whilst a break and close above the LT resistance would change our LT bias to bullish and technically open up more upside for the pair.

 

Key Support & Resistance Zones

 R: 0.6820 – 0.6900
S: 0.6680 – 0.6725

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