NZDUSD: broke above the resistance level

The Reserve Bank of New Zealand (RBNZ) keep the interest rate unchanged and the Kiwi flying high. It’s also happening to the NZDUSD as the price on this pair has broken above a resistance level on the daily chart. As the chart shows below, we can see that price broken through the major resistance level that already been tested twice on mid-April and early-May. This old resistance level now acts as the new support level.

This level will be crucial as the price often making  a pullback lower then re-test the level again and making another new high. The uptrend is still “in charge” as price already making a “high – lower high – higher high” formation just like the daily chart shows below.

I will start hunting for a long opportunity if the price could pullback lower and re-test the new daily support level.

NZDUSD daily chart

NZDUSDDaily-160609

NZDUSD 4-hour chart

NZDUSDH4-160609

Follow me on twitter and facebook also google+ for more analysis.

Don’t forget to see my latest trading setup on:

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: