Forex

NZD/USD Bullish Reversal

December 11, 2017

2 min read

tarantula fx

Head of Trading

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Choosing a new governor (Mr Adrian Orr) for the central New Zealand national bank, who will officially take up a role on 27 Mar had a positive effect on the NZD/USD.
The pair has surged to weekly highs hitting 6930, so this could be a bullish reversal on charts. POC 1.6880-90 is the first POC zone while POC2 is a deeper retracement 0.6850-60. If the NZD/USD retraces, we might see new buyers from the POCs targeting 0.6930 and 0.6950 again. Buying the dips scenario is unfolding. Ideally, the pair should stay above the weekly L3 for the price to remain bullish.

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