NZD pairs are showing reversal signs and provide good opportunity for a short term long trade. We are looking at the following pairs,
NZD/JPY: This pair has broken above the declining trend line after finding support in the support region that was mentioned in our tweets yesterday. The RSI has also bounced back above the 30 level. We will be looking to go long on a retest of the 81.25-81.10 region with stops below 80.90 and targets close to 82.0.
NZD/USD: This pair is showing a similar patters as NZD/JPY and has cleared trend line resistance after finding support at an important level. The RSI is also constructive on the short term charts. Look to buy dips to the 0.8230 levels with stops below 0.82 for a move back above 0.83.
Good luck trading.
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