On Friday of last week I pointed out the 0.6985 area on the NZDUSD. It’s a confluence of resistance that’s the result of three different levels. First up is thetrend line I mentioned last month. The trend line that extends from the September 2015 low is well worn and helped attract offers on the 23rd and 24th of October. Next is the horizontal level at 0.6985. While it isn’t as apparent from recent price action, a look at the weekly chart shows how it served as a pivot between April and July of last year. It’s also the 38.2% Fibonacci retracement from the 2015 low to the 2017 high. Last but not least is the ... (full story)