NZD/USD Long-Term Trend: Bearish
Key Resistance Levels: 0.6129, 0.6164, 0.6259
Key Support Levels: 0.6045, 0.6003, 0.5975
The price on the higher time frame has been in a downtrend for a few months and recently it did a pullback and faced resistance at the 0.6342 level. The pair was rejected after testing that area and showing good momentum. A support level of 0.6161 has been broken 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 has consolidated for some time in a range of 0.6164 and 0.6206 and recently it has broken the lower range. Another minor support of 0.6129 has been broken and retested before continuing the momentum.
Sell Stop Order @ 0.6097
TP 1 @ 0.6053
TP 2 @ 0.6009
Stop Loss @ 0.6141
Trade Safely 🙂