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NZDUSD trending lower but near a support

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NSDUSD, 240 min At the time of writing NZDUSD is in a downtrend as per 4h chart. The nearest important resistance level is at 0.6587 and coincides roughly with 23.6% Fibonacci level at 0.6595. In addition, the upper end of a bearish trend channel is currently at the same price levels. This could provide us with a quick short trading opportunity and as per usual we look for price action confirmation before entering the trades. Should the pair move beyond this resistance, the next potential

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