NZDUSD has tested channel resistance again today. I mentioned this descending channel on May 2nd when the pair was on its way to retest horizontal support at 0.6590. That level actually broke down on Wednesday. You can even see where the daily chart closed below 0.6590. However, today’s session is challenging whether or not that level will now serve as new resistance. A daily close back above 0.6590 would be a relatively bullish sign heading into next week. Notice too that the pair carved a 4-hour bullish pin bar just a couple of days ago. That’s a pretty clear indication that buyers are camped out between 0.6530 and ... (full story)