NZDUSD Long on a Break and Re-test of the Yearly Pivot @ .7000
NZDUSD Long on a Break and Re-test of the Yearly Pivot @ .7000. The active Fib from .4891 to .88425 has retraced down to the 61.8 @ .6217 and has bounced off to rally up to the 2016 Yearly Pivot Point now resistance at .7000.
Price is being squeezed between the 200 Monthly MA at .6677 Support and .7000 Pivot Point Resistance.
Because the major fib is Up, bias is to the upside, but price must break through the .7000 Pivot and retrace and hold it as support. Look for a trade in August or September 2016. Also know the direction of the USDOLLAR should be BEARISH Long Term.
Price is being squeezed between the 200 Monthly MA at .6677 Support and .7000 Pivot Point Resistance.
Because the major fib is Up, bias is to the upside, but price must break through the .7000 Pivot and retrace and hold it as support. Look for a trade in August or September 2016. Also know the direction of the USDOLLAR should be BEARISH Long Term.
