NZDUSD 4 HOUR
NZDUSD continues to trade around the noted .6640. Price needs to break the short term channel in order to suggest that another leg lower is underway. The lower end of the channel is about .6620. Until that happens, continued strength into the top of the channel and 61.8% retrace of the decline at .6690 should be respected.
9/29 – NZDUSD is into .6600 so price could turn down now but as is the case for AUDUSD, respect additional upside until .6640. This is the top of the short term corrective channel, 200 period average on the 4 hour chart, and 9/11 low. The level was also support on 9/22 before the break. A dip prior to obtaining .6640 could see support at .6560/70. The spot chart is below.
#TradeNotes#
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