NZD/USD is at risk

NZD/USD is at risk

Trade idea

SELL 0.6645; TP1 0.6625; TP2 0.6605; SL 0.6660

BUY 0.6725; TP 0.6765; SL 0.6705

NZD/USD got rejected from the 200- and 100-day MAs in the 0.6710-0.6995 area. It formed a “bearish engulfing” pattern on D1 and went below the weekly pivot point at 0.6673. The Awesome Oscillator is negative on H4 and the NZD/USD formed a “falling three methods” pattern. This opens the potential for more downside. To resume the uptrend, it has to return above 0.6710.  

NZDUSD H4.png

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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