NZD/USD Long-Term Trend: Bearish
Key Resistance Levels: 0.6259, 0.6284, 0.6323
Key Support Levels: 0.6187, 0.6149, 0.6078
The price on the higher time frame has been in a downtrend for some time and recently it did a pullback but faced rejection at the 0.6573 level and reversed. The pair continued the trend and has done another pullback to the 0.6374 level and rejected which indicates a bearish bias.
NZD/USD Medium-Term Trend: Bearish
On the lower time frame, the pair is moving in the major trend’s direction. The price consolidated between a range of 0.6323 and 0.6284 for some time and recently it broke the lower range with good momentum. A trading level of 0.6259 has been broken and retested before continuing the momentum.
Sell Stop Order @ 0.6230
TP 1 @ 0.6194
TP 2 @ 0.6158
Stop Loss @ 0.6266
Trade Safely 🙂