NZDUSD: broken through the support

Price on NZDUSD has broken through the daily support level. Last week I’ve been write about this pair and marked the level that I will keep my eye on.

Recently price on NZDUSD has broken lower and the price has close below the level that I mark as the daily support level. This daily support level become important because, in the recent attempt, price formed small pin bar twice and then rejected. After price broken lower, this daily support level now acts as the new daily resistance level and I will start hunting for an opportunity to go short.  

I will keep my eye on the smaller time frame. As the 4-hour chart show below, price on NZDUSD is on its way to retest the old support/new resistance level. If the price could move higher, I will watch for bearish signal around that level and go short. So for now, I will keep on waiting.

NZDUSD daily chart

NZDUSDDaily-160530

NZDUSD 4-hour chart

NZDUSDH4-160530

 

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