DecaPip Daily: 20/08/2015

Introduction to DecaPip
Welcome to our newest feature; DecaPip. The concept is simple: our professional market technician, with an exceptional system, showcases his own daily Support and Resistance levels across a broad spectrum of FX currency pairs. The most effective way to use the levels are:
  • If indicated levels hold, look for the price to reverse.
  • If levels are broken, look for the price to continue past to new highs or lows.

For Thursday’s DecaPip Daily I would like to look at the NZDUSD currency pair as it is about to reach a point where it either makes a sharp move up or follows the risk off trade and makes an attempt with some other major currency pairs such as USDJPY down.

The price action is currently defined as holding the key 6620 area and pushing hard against that resistance level and currently we have 6560 as critical support.

Whilst there are many worthy contenders for our attention in the FX market on DecaPip Daily the reason I have chosen to focus on this pair is sentiment.If this currency pair is breaking up and along side others it really is a key that maybe traders are about to turn on the Dollar Index global basket.

The chart below highlights the recent trading band.

Screen shot 2015-08-20 at 07.28.29

The second chart below we can see some key levels to watch and also the triangle pattern in play waiting to be broken.

Screen shot 2015-08-20 at 07.33.02

The best way for me to trade this pair is to look for the break out form the triangle pattern located at the R1 and S1 and play close attention to what other currencies are doing and if the NZDUSD can follow them up or fall fowl to Global risk off and stock declines.

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