NZDUSD Support and Resistance Update

After a series of range bound daily candles, the NZDUSD has remained range bound in early trading this morning. Price is currently trading near the S3 Camarilla pivot, which represents range support at .6686. At this point in time, price has yet to trade towards the R3 pivot which is found today at .6727. This point is currently acting as range resistance creating a 41 pip trading range for the day. As long as price continues to hold at support, reversal traders may look for prices to bounce back towards values of resistance.

Traders should be aware that a price breakout above R4 or below S4 would signal a conclusion to today’s range bound environment. A move above R4 at .6748 would suggest a reversal against the pair’s long standing down trend, as the NZDUSD would be working towards a higher high. Likewise a break below S4 support at .6665, would signal a return in direction towards the pair’s prevailing downtrend. In either scenario, traders may select to conclude any range positions while looking for orders with the markets new direction.

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