Indecision on USD NZD / changing between 0.80 and 0.7950 for several days resulted in a release yesterday of its medium term bullish channel (purple lines). In the short term, the course is in a new downtrend channel (blue lines). For the moment, we are neutral between 0.7950/0.80. We advise to wait an exit of this range to take position:
- Short (sell) below 0.7950. The course will then move to test support at 0.7910 and then to 0.7850 in extension.
- Long (buy) above 0.80. A test of key resistance at 0.8033 will be expected.
ps: Traders with a more aggressive strategy can treat the pair according to 0.80 (Long above; Short below).
