Today’s Forex Signal June 24th

NZDUSD 4hr Chart

After making an impressive run from sub 6600 – 7150, the pair has double topped putting it in a range from 7150 – 7050.

However, the last 4hr candle could be a bad omen for bulls as it forms a stiff rejection just shy of 7150. This could portend a decline in the works but it will first have to break the base at 7025 for further losses. Should there be a close below 7000, we expect the pair to tag 6935 first (38.2% fib) and then challenge and important base at 6866. Traders can wait for the 4hr close below 7000 or wait for a corrective move up to 7135 to short the pair, taking profit shy of 7025, bringing the stop to BE (breakeven) then holding for the larger aforementioned targets.

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