NZD/USD has met resistance

NZD/USD has met resistance

Trade ideas

SELL 0.6355; TP 0.6335; SL 0.6365

BUY 0.6395; TP 0.6415; SL 0.6385

The NZD hasn’t been feeling very well recently as it declined versus most other currencies. NZD/USD failed to overcome the resistance at 0.6430: yesterday’s close below 0.6385 confirmed the short-term victory of sellers. On the H4, we can see a “double top”. Negative pressure will increase if the pair declines below 0.6360 (50-period MA on the H4, 38.2% Fibo of the advance from Oct. 16). In this case, it will be vulnerable for a fall to 0.6340 (50% Fibo). Then the exchange rate may find some support and further selling will be possible only below 0.6315 (targeting 0.6285). On the upside, the return and fix above 0.6385 will allow a move to 0.6415.

NZDUSD.png

Similar

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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