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NZDUSD Hits Support, Looking For Sell Signal From Resistance

The Kiwi/dollar has sold off pretty significantly recently, however today we can see the market did bounce modestly higher as it found support at the key chart level near 0.8170. Overall, we are bearish on this market right now, but we could see a retrace back to value before this market moves lower again. We can watch for price action sell signals forming up near 0.8380 resistance which is also the 50% retrace of this last major down move, this way we are trading trade back in-line with the recent bearish momentum in this market from a confluent level.

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