NZDUSD Where are we heading next?

3 Feb 2018

With 4 recent tests of the .74 Resistance level indicates a strong psychological barrier for The Kiwi. A possible correction can be anticipated to gain some strength. A few areas of support that NZD needs to break for a correction to become evident are .72911 and .72746 which dangle below an ascending wedge pattern. Price action currently is resting at the bottom of this formation with a lot of indecision. A bounce off this trend can lead price to reach .734 possibly even .7372 resistance levels which are very attractive levels given the Fibonacci confluence. However patience is key, although a bullish bias can be a more probable option. Price action is at such a fragile level that a watchful eye for a breakout would be beneficial to making a correct decision that produces maximum gains.