The riskier New Zealand dollar skyrocketed and pushed the NZD/USD pair up to the resistance level of 0.7150. How to trade it now?
AUD/NZD failed at resistance
2019-11-11 • Updated
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.
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