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NZD/USD Potential Downward Movement

NZD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6451, 0.6534, 0.6619

Key Support Levels: 0.6321, 0.6252, 0.6197

Daily Chart:

The price on the higher time frame has been in a downtrend for some time after facing rejection from around 0.70 level and has shown good momentum. Recently the pair did a pullback but faced rejection from below the 0.6592 level and turned around to the bearish side again.

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 was trading in a range and attempted to break to the upside but faced rejection from the 0.6534 level and reversed to break the level of 0.6451. As of now the pair has done a retest of that level and continuing the momentum.

Signal Idea:

Sell Stop Order @ 0.6392

TP 1 @ 0.6328

TP 2 @ 0.6260

Stop Loss @ 0.6458

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.

7 comments

  1. Just wondering, is it too late to jump into this trade?, if not, any ideas on how to re-enter?. I had to close my trades over the weekend.

  2. TP1 should be 0.6328?

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