Weekly Analysis NZDUSD

NZDUSD (KIWI) (3rd December to 7th December)

Weekly Analysis NZDUSD: We covered the analysis of this pair about three weeks ago. This week we revisit the pair, where prices reveals that the pair is trading at a significant weekly resistance level, which was previous support level. We are not sure if the pair will respect this level and reverse, and therefore we will be watching for price action patterns to confirm our bias.
Summary: This week and the following weeks we will be keen to watch if the pair will respect the near-term resistance level and reverse, or if the bulls will have enough power to push the pair up to the major resistance zone. We don’t open positions yet.