NZDUSD -0.31% bears resume again in the minor trend especially after the failure swings at the falling wedge resistance, shooting stars have witnessed steep price dips in the recent past.
While both leading oscillators substantiate bearish stance.
While same has been the case in the major trend after the failure swings at stiff resistance at 0.7499 levels, and the occurrence of shooting stars at 0.7282, 0.7199, and 0.7240 levels (refer monthly plotting).
The bearish patterns on this timeframe as well have witnessed steep price dips, the current price behavior has gone sideways.
Both leading oscillators ( RSI & stochastic curves) has been indecisive to confirm mild rallies on monthly terms, instead, the momentum indicators are in bearish favor.
Next stiff resistance levels are observed at 0.7499 marks.
While MACD’s remaining bearish territory has also signaled indecisiveness.
Hence, we recommend one touch binary put option on trading grounds. Use lower strikes at 0.7210 levels.
Alternatively, at spot reference: 0.7250, stay short in futures contracts of mid-month tenors with a view to arresting further potential dips.
Currency Strength Index: FxWirePro's hourly NZD spot index is inching towards 33 levels (mildly bullish ), while hourly USD spot index was at shy above 84 ( bullish ) while articulating at 06:11 GMT .
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