NZDUSD D1 AnalysisA couple of days ago we thought that NZD/USD would bounce higher after breaking above a descending trend line on the daily time frame.
Well that was a fail. NZD/USD is now back below the trend line and it looks like it will find support at 0.6450 or 0.6500 instead. As you can see, the area lines up with a 50% Fib retracement and 100 SMA retest on the chart.
Buying at current levels would get you in at a good spot if NZD/USD ends up returning to its December highs.
If you’d rather short the Kiwi against the dollar, however, then you’ll want to wait until it makes new intraweek lows and aim for the .6325 and .6250 previous areas of interest instead.
