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NZD/USD Potential Downward Movement

NZD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.5627, 0.5659, 0.5750

Key Support Levels: 0.5529, 0.5478, 0.5432

Daily Chart:

The price on the higher time frame has been in a downtrend for some time and it has broken a few support levels. Recently the pair did a pullback and faced resistance at the 0.5749 level. It has been rejected from there and continues the trend. 

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 started the down trend again after a pullback. It broke a consolidation zone of 0.5750 and 0.5659 to the downside. It has now broken and retested a minor level of 0.5627 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 0.5585

TP 1 @ 0.5535

TP 2 @ 0.5485

Stop Loss @ 0.5635

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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