NZDUSD
NZDUSD closed @ 7870 which was BELOW the open and breached the previous day’s low. The High was 20 pips from Precise Trader’s Res Zone 1 and the Low was 15 pips from Precise Trader’s Sup Zone 5 (U Turn Zone).
The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined.
Hourly Trend is Sideways Down while 7980 holds and Daily Trend is Turning Down while 8115 holds, so expect the price to be Choppy with a potential to Break Lower.
The Daily Closed well below the Open and near the low and we believe that the Bears may attempt one time lower. The Patterns are suggesting a Range trading with a potential to break lower. The Hourly looks like we may see a Range trading and the Upside may be limited and the Bears must protect the 7910-70 levels at all times. The 15min is suggesting that we may get a retracement higher but may be limited to 7950-70 levels. The Opening Price Principle suggests that 7995 is a critical level for the Bears but Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS: 7865 7785 7725 BEARS: 7940 7990 8025
Today’s Strategies: SHORT near 7940 7970 with a tight stop with a 35-50 pips price target.
