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NZDUSD – Pin Bar Failed, Critical Resistance Ahead
The latest pin bar at resistance failed, showing a weak rejection and follow through, suggesting it wasn’t going to work out. The kiwi cleared the next pin bar and range high with ease, suggesting the pair was gunning for the October highs at 8542. Unless we have some massive bullish action ahead of the critical resistance, I’m suspecting bulls will cover ahead of the level and NFP tomorrow.
I’ll look for intra-day weakness in early London tomorrow for potential shorts near the highs, targeting 8435/40ish. If the Oct. highs fold, then the May 13′ swing highs at 8575 are on deck.
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