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.
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.
Elizabeth Belugina
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