We are analysing high-frequency Fx trading algorithms this morning and find that the NZDUSD pair may offer attractive opportunities from the long side in the current day-trading session.
NZDUSD has so far been falling in the first half of the session, but it's now also reached the light HFT selling pressure zone that is found today at 0.7055 and above.
The price is so far reacting well here and several bounces were already recorded on the hourly chart. However, a clearer bullish signal is still lacking here.
Another factor supporting a reversal here is the advanced FxTR overbought/oversold indicator, which is signalling current levels of NZDUSD are in the oversold area.
To the upside, Kiwi traders will focus on the light HFT buying pressure zone that is located today at 0.6983 and below, both as a potential target area or a reversal zone if/when it's reached.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)