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 🙂