Direct from the desk of Dane Williams.
After rejecting the most significant zone in the history of NZD/USD, price has remained below the zone for now.
Take a look at the daily chart below.
NZD/USD Daily:
While a continued rejection would have been nice, price has retested the zone this time as resistance and still remained underneath.
With price below higher time frame support, we obviously would still rather be playing Kiwi from the short side.
Now something I don't like to do too often on the blog, let's zoom into the 4 hour.
NZD/USD 4 Hour:
Take a look at that trend line.
So we now have price having broken and retested an intraday trend line, below higher time frame support.
See the bearish picture we're building?
Continue to look for retests of short term support turned resistance and depending on your risk appetite, use either zone to manage your risk around.
Best of probabilities to you,
Dane.
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Higher time frame market analysis.