NZDUSD: Lower Short-Term Move May Attract Bullish Wagers
The NZD/USD is near the 0.68000 level in early trading this morning, after achieving a high of nearly 0.68300 in yesterday’s session.th
speculators who seek to place orders based on strong direction could be tempted into believing a move above the 0.68050 level may indicate a chance to look for additional upside action. Because trading volumes are low, the NZD/USD can see abrupt spikes occur and traders should anticipate them.Yesterday’s higher move to the 0.68300 level brushed up against resistance which was created shortly before Christmas. The 0.68400 remains an important barrier higher.
If the 0.67940 mark is challenged and penetrated lower, the NZD/USD could quickly begin to move towards the 0.67900 to 0.67850 levels. Traders are encouraged to use strict entry price levels with all of their trading, because a sudden dose of unanticipated volatile movement could produce order fills which lead to headaches.
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