NZD/USD Potential Downward Movement

NZD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.60964, 0.61337, 0.61653

Key Support Levels: 0.60482, 0.60279, 0.59819

Daily Chart:

The price on the higher time frame has been in a downtrend recently after it tested a resistance level of 0.63560 and reversed the direction. The pair has continued to break a few support levels which suggests further trend continuation.

NZD/USD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It broke a consolidation zone of 0.61653 and 0.61337 and has sustained below that. As of now the pair has broken and retested a minor level of 0.60964 before continuing the momentum.  

Signal Idea:

Sell Limit Order @ 0.60770

TP @ 0.60519

Stop Loss @ 0.61020

Trade Safely 🙂