News & Analysis
Forex News (Asian Session) – Kiwi failed to move higher.
The NZDUSD has failed to move higher, despite positive news that New Zealand government posted a larger than expected budget surplus.
The Kiwi has traded slightly lower today down 11 pips to .7156. The daily chart shows support levels at .7143 and .7131 and we’ve seen two tests of .7143. The 4H chart shows healthy demand from that low but buyers have been unable to break back above .7175. As price continues to hold buyers may soon turn the balance.
The current price action is developing as we have influences from both sides of the ledger currently. Often what a trader would do in this situation is to focus on developing set-ups as it keeps trader in control (as we only trade if X happens). A break and close above .7175 sets the trigger. Next candle to test lower and make a higher high over the last candle could signal the start of new leg up. Until buyers break that level traders may want to sit.
Below is a snapshot of NZDUSD at 4H.
Here is a snapshot of daily NZDUSD.