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NZD/USD Potential Downward Movement

NZD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6963, 0.6944, 0.6900

Key Support Levels: 0.7000, 0.7018, 0.7030

1-Hour Chart:

The price is trending to the downside by posting lower lows and highs. A correction count has been posted to the resistance (previously support). We expect further movement to the downside in the same direction of the main trend.

NZD/USD Medium-Term Trend: Bearish

5-mins Chart:

On the 5-mins time frame, the price posted a double top near the strong resistance (0.70000 USD) and reversed to the downside. a higher correction could be seen to the neckline of the double top before a huge sell off to the target profit.

Signal Idea:

Sell Market Order @ 0.6980

TP 1 @ 0.6963

TP 2 @ 0.6944

Stop Loss @ 0.6988

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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