NZDUSD – How Much Lower Will It Go?

20 Jul - NZDUSD Weekly Forex Chart

 

(Click on image for larger view)

Looking at the chart above, the NZDUSD has been making dramatic lower lows. As the USD continues to strengthen, more majors are moving in one direction, and this one in particular is moving aggressively. As price is now testing the long term support (~0.664), I’m looking to see what’s the next move and that will determine my directions.

20 Jul - NZDUSD Daily Forex Chart

 

(Click on image for larger view)

Moving into the daily timeframe, I can see that price tested the 0.664 level, bounced higher before moving even lower. Now, I’m looking for a re-test of that same level as well as a short pullback entry.

Anyway, it’s pre-mature, so let’s see what happens from here.

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