The Forex Pattern, Price & Time Report: NZD USD Dominated by Short-Covering

The Forex Pattern, Price & Time Report

James A. Hyerczyk

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Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for everyone. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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NZD USD Dominated by Short-Covering

Today's action in the NZD USD indicates short-covering since this pair was unable to break through any significant tops. A pair of tops at .6467 and .6483 is providing resistance at this time. Even if these prices were violated, the market still has to deal with the high for the year at .6590. On the downside, support is an old bottom at .6236 and a retracement price at .6211.

The best way to describe the NZD USD is range bound, however, the longer this market stays in a range, the more you can could on volatility returning.