NZD/USD Potential Downward Movement

NZD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6593, 0.6644, 0.6750

Key Support Levels: 0.6501, 0.6452, 0.6400

Daily Chart:

The price on the higher time frame has been trading in a downtrend for quite some time. The pair formed a rejection wick and started the bearish move. There is good momentum and the price has broken a few support levels. As of now, support of 0.6593 has also been broken and the pair looks to sustain below that. 

NZD/USD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price tested a resistance level of 0.6644 and faced rejection. The pair has then broken the support level of 0.6593 and done a retest before continuing the momentum. 

Signal Idea:

Sell Stop Order @ 0.6550

TP 1 @ 0.6500

TP 2 @ 0.6450

Stop Loss @ 0.6600

Trade Safely 🙂