NZD/USD: Has A Bigger Reversal Already Started?

In a post from last week about the NZD/USD we pointed out the important resistance area between 0.72-0.73. After the FOMC announcements last night and while the NZD/USD has reached very close to 0.73 where a long-term downward sloping trend line resistance is found. Price got rejected as we expected and I believe a bigger reversal has already started. Confirmation will come with the break of the short-term bullish channel and the break below the 4 hour Kumo support at 0.7150.

NZD/USD H4 Chart

NZD/USD Weekly Chart

If you have also read my analysis on the Dollar Index, you will know I am a dollar bull at current levels. Dollar is oversold and with pergence signs that warn me not to be bearish the dollar. For the NZD/USD I expect at least a pull back towards 0.7050.

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

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