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NZD/USD Potential Downward Movement

NZD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6129, 0.6164, 0.6259

Key Support Levels: 0.6045, 0.6003, 0.5975

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Sell Stop Order @ 0.6097

TP 1 @ 0.6053

TP 2 @ 0.6009

Stop Loss @ 0.6141

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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