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Forex Trade Signals and Setups Dec. 1st
NZDUSD – Getting Close to a Key Breakout
While the EURUSD and GBPUSD have shown the upside be limited by the daily 20ema, the Kiwi has been showing strong price action holding up near the highs of the key resistance level at .7813. Notice the horizontal line and how this was a key swing low back in early November so this could provide a price action trading setup with a breakout-retest trade so traders should watch this key level.
Other than the one 4hr strong rejection off this level, price action has been holding over the last 12+hrs building a series of higher lows suggesting price is looking to breakout. Traders need to be aware of the key NFP report tomorrow which will sap liquidity prior to the event, but if this structure continues, price action looks set to breakout and make an attack on .7915 shortly after.
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