NZDUSD: Bears Can Still Take Over


NZDUSD is up sharply today after the RBNZ left rates unchanged at 2.25%. Notice that price moved and slowed down at 0.6980 area which appears to be final resistance level for current bounce. As such, bearish turn is still possible here, but we would need to see move back beneath 0.6895 level to confirm a our bearish view , and then also possible shorts ahead. We will have to adjust our view if 0.7053 will be breached.

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.