NZD/USD Bearish Formation at W L4 Camarilla Pivot
|The NZD/USD is showing a strong downtrend where all the entries are shown with a red arrow. The trend is still strong but the price approaches the strongest weekly support – W L5 pivot point-->
We might see a bounce due to a strong W L5 support and ATR projection low. A bounce towards 0.6617-30 is likely, so traders might watch for a reversal patterns in the zone. A rejection from the POC will show up fresh sellers and the price might go again in the southern direction towards 0.6564. A close below will give us the cue that the trend is even stronger then. Only a close above 0.6656 will put the pair into neutral mode.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
NZDUSD Current Trading Positions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.