Daily HFT Trade Setup – NZDUSD Testing the HFT Buying Zone
We are analyzing the activity of HFT Fx algorithms this morning and note that NZDUSD has reached the light HFT buying pressure zone that's located at 0.6846 and below.
Stronger buying forces acting in this area are already evident as the pace of decline has slowed a bit, though there is no bullish reversal signal formed here yet.
But there are reasons for NZDUSD bulls to be optimistic. Namely, the price has reached deeply oversold level on the hourly timeframe, as can be seen from the chart below. Moreover, it is currently banging against the support trendline of the downtrend, which should also act as a bullish factor that can attract buyers here.
To the upside, the first resistances and potential short-term targets are at the lows around 0.6875, and then at the 0.69 round number.
Further higher, the light HFT selling pressure zone is located today at 0.6929 and above.
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