NZD/USD Potential Downward Movement

NZD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.5966, 0.6013, 0.6099

Key Support Levels: 0.5871, 0.5821, 0.5782

Daily Chart:

The price on the higher time frame has been in a downtrend for the last few months with occasional pullbacks. Recently the price tested the 0.6355 area before it continued the trend. It has now broken a support of 0.6007 which shows 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 recently faced resistance at 0.6013 and it has sustained below that. It has also broken and retested a minor level of 0.5966 before continuing the momentum.

Signal Idea:

Sell Stop Order @ 0.5925

TP 1 @ 0.5875

TP 2 @ 0.5825

Stop Loss @ 0.5975

Trade Safely 🙂