Daniel.Dalo

NZDUSD - Supply level already exhausted?

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Looking at key supply and demand levels on NZDUSD pair. Price recently hit a key supply level and resistance level as well and had a small reaction, however, I wouldn't take profits beyond the demand level below, just because of the strong movement to the upside, demand seemed to be in control in the last weeks.

Nevertheless, If that supply and resistance level is holding as strong as it did last time price went there, maybe it could be a potencial reversal signal in trend direction.

I'll be paying close attention to this pair.

Comments

What does mean key supply/demand level?
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Daniel.Dalo oschenker
Hello oschenker! By key level, I'm just saying that price left the level originally and on the first test with a lot of strenght. Also, it is a key level, as it contains a very strong resistance level inside, so it's a supply level to watch out carefully as price reaches it. If it gets broken and test the demand level below, it could be a very nice opportunity to go long as there is minimum risk and great potencial reward.

I hope I have answered your question, good luck and good trading!
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