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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 🙂

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.

One comment

  1. Awesome man !! Thank a mill

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