• NZDUSD Bulls Need to Hold 0.6700


    NZDUSD is approaching a significant support area at 0.6700. Its the same level that triggered the weekly bullish pin bar I discussed on the 4th of January. Given the 200 pip rally that ensued, the bullish signal worked out well. However, last weeks 150 pip decline erased most of those gains. It also places NZDUSD just 40 pips above the 0.6700 level to start the new week. One thing thats interesting about the price action since December is the lower high that the pair carved last month. The fact that NZDUSD failed to reach 0.6970 in January could suggest weakness. Its going to take a daily close below the ... (full story)