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NZD/USD Potential Downward Movement

NZD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6259, 0.6284, 0.6323

Key Support Levels: 0.6187, 0.6149, 0.6078

Daily Chart:

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

1-Hour Chart:

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. 

Signal Idea:

Sell Stop Order @ 0.6230

TP 1 @ 0.6194

TP 2 @ 0.6158

Stop Loss @ 0.6266

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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