The liquidity in the Antipodeans gets rather iffy late on Fridays, as Australia and New Zealand are well into their weekend revelry. And it shows on the charts. Consider the chart of NZDUSD below, which shows that when market activity heats up, we can see a remarkable climax late in the week, even as the market is closing in North American as Australians are waking up on Saturday morning and Kiwi’s are beginning to ponder what’s for lunch.
The Daily
The Hourly
Shows that we took out stops above last night’s highs, which were at least partially driven by the strong New Zealand PMI. So now we have a new short term reversal to use as resistance.
The Daily again
That overnight high from last night just above 0.8100, by the way, was likely driven by orders placed around the 0.382 Fibo level for the move off the high to the recent low.
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