NZD/USD Chartpack - Technicals & Trade Setup

FX:NZDUSD   Dolar New Zealand/Dolar U.S
Before emphasizing on the core of NZDUSD technicals, we urge you to be aware of the pair’s stalling from last 5-6 days and stuck between 0.7033 and 0.6954 (refer daily chart ).

From last Friday, the bulls seem to have given up the momentum in the previous uptrend. Ever since then bearish patterns such as shooting star , gravestone doji and hanging man candles have occurred at 0.6988, 0.6994 and 0.7017 levels respectively.

Prior to which, the prices were moving in the falling wedge pattern which is the confirmation of weakness, it has shown the failure swings at the same wedge resistance level .

Both leading oscillators have indicated the losing strength and momentum in the previous rallies. But the momentum now seems to be slightly indecisive.

Strong support is seen at 0.6969 levels and stiff resistance is observed at 0.7033-37 levels.

Well, on a broader perspective, the pair forms bearish engulfing and shooting star pattern candles after the rejection at the stiff resistance of 0.7499, the major trend resumes bearish swings to slide below EMAs after the failure swings at these supply areas (on monthly plotting).

We’ve already stated in our previous post also that this pair pops up with the bearish pattern candles that have now hampered the momentum in the consolidation phase to retrace upto 50% Fibonacci levels that is where the intermediary bulls test supports.

Since it is traced heaps of bearish indications on daily as well as monthly terms, we wouldn’t foresee sharp rallies in the near run.

Thereby, the consolidation phase in the major trend seems to have been exhausted at the stiff resistance of 0.7499 levels and more slumps are likely upto 50% Fibonacci retracements.

Well, contemplating above technical rationale in daily terms, we advocate boundary binary options strategy. Use upper strikes at 0.0.7040 and lower strikes at 0.6983, these leveraged instruments are likely to fetch magnified effects in payoff structure as long as underlying spot FX keeps dipping.

Alternatively, on hedging grounds, we recommend shorting mid-month month futures as the underlying spot FX likely to target southwards 0.68 levels in the medium run.

Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.

Currency Strength Index: FxWirePro's hourly NZD spot index is inching towards 45 levels (which is bullish ), while hourly USD spot index was at -69 ( bearish ) while articulating (at 06:36 GMT ).
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