Forex Trade Setups Commentary:
NZDUSD counter-trend pin bar
The NZDUSD formed a bearish counter-trend pin bar on 7/27 that has come off to the downside. This may just be a correction in the overall daily uptrend.
Typically counter-trend setups are lower probability, however the pin bar in today’s discussion did form near a rather strong resistance near 0.7400.
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The U.S. dollar was mainly lower today against the other major currencies, gaining modestly on the New Zealand dollar while posting modest losses to the other majors.
The Dow lost 31.03 points, or 0.30 percent, the S&P 500 dropped 4.63 points, or 0.42 percent, the Nasdaq lost 12.87 points, or 0.57 percent.