NZD/USD Long-Term Trend: Bearish
Key Resistance Levels: 0.5966, 0.6013, 0.6099
Key Support Levels: 0.5871, 0.5821, 0.5782
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
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.
Sell Stop Order @ 0.5925
TP 1 @ 0.5875
TP 2 @ 0.5825
Stop Loss @ 0.5975
Trade Safely 🙂