The New Zealand dollar started off on a stronger foot earlier this week on market open, but it seems the momentum is short lived as positions are looking to be reversed.
After testing multiple tops, it finally broke below the dashed daily line. I am currently playing on the break below the second neckline that was previously holding this pair supported earlier today.
After several overlapping bars in the past hour or so, this pair is finally looking to break lower and is expected to continue with the overall daily trend for the week ahead. However, I will still keep my entries and exits tighter as this pair is prone to whiplashes.
Technical setups are expected to perform well this week as the only significant economic release is the quarterly retail sales figures due on Wednesday.