Looking at the NZD vs USD on the daily we can see the resistance zone between .85143 and .85437 where price has pushed up to this level but failed to break this level on two consecutive days with the close of Thursday and Friday. The bears have been very aggressive at this level as price rose as high as .86044 only to be rejected and pushed back down nearly 80 pips with the close Friday at .85269 below the support level. You will notice the long pin bar on Thursdays close of nearly a 60 pip rejection. This resistance level was previously hit on 10-22-13 and failed to break the level and fell slightly over 400 pips. Until price can reverse this resistance level into a support level I'll look for price to drop and find support at .83905. Have a great week of trading and a Happy Saint Pat's Day. God bless!
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