Daily London Session Watchlist: NZD/USD

With Asian session traders focusing on the possibility of a drug that promotes “rapid” recovery among coronavirus patients, it’s no wonder that high-yielding bets like the comdolls made pips rain.


NZD/USD has popped up from a trend line support and is now trading just above the .6000 handle.


As you can see, its current levels lines up with a 50% Fib retracement and an area that has been catching the bulls and bears’ attention since late March.


Kiwi bears who think that NZD/USD hitting its daily average volatility spells intraday reversal can short at current levels and aim for another trend line support. The 100 SMA crossing below the 200 SMA wouldn’t hurt either.


Meanwhile, NZD/USD bulls can buy at a break above the pair’s current consolidation or the Fib retracement levels. The 1.6100 – 1.6125 previous areas of interest make for good profit targets if the bullish momentum is sustained.