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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 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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