NZD/USD: is the correction over?
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
AUD/NZD failed at resistance
Trade idea
SELL 1.0595; TP1 1.0555; TP2 1.0500; SL 1.0610
AUD/NZD spiked to 1.0720 this week after the Reserve Bank of New Zealand cut interest rate but then quickly retreated back to 1.06. Once again the pair failed to close above the 200-day MA (1.0655). A “shooting star” candlestick was formed on the daily chart. As a result, we can expect the pair to decline at least to the weekly lows around 1.0550 or even to 1.0550.
Elizabeth Belugina
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