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.
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NZDUSD Current Trading Positions
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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