NZDUSD retests 0.7120

NZDUSD retests 0.7120

From the open on Sunday we had 2 possible scenarios on the NZDUSD. Both were long plays, with the first one being a retest of the bottom of the range at the 0.7060 level. This didn´t play out since the NU opened and rallied to the top of the range.

The second scenario (as explained in one of our videos) was a break of the highs and a buy at the retest of the broken level. Price broke with the highs and we have been waiting for the rejection of the previous highs all week.

The kiwi pulled back 60 pips inside of a flag and we are positioned to go long on the breakout. Price rejected the previous broken level and we have detected a strong bullish divergence at these levels.

First levels to watch (first targets) should be the 0.7170 and we are swinging the rest for a possible 3.5% move

 

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Author : Orlando Gutierrez

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