NZD/USD swing higher seems over [Video]

Olimpiu Tuns Learn 2 Trade

The NZD/USD pair climbed as much as 0.6258 today where it has found resistance again. Now, it has turned to the downside and is trading at 0.6240 at the time of writing. After its strong growth a downside movement could be natural. Later, the fundamentals could move the markets. The US Prelim UoM Consumer Sentiment represents a high-impact event. Industrial Production and Capacity Utilization Rate data will be released as well.

Technically, the NZD/USD pair reached a supply zone and now it has slipped low. The 0.6236 immediate low represents a static support. Taking out this downside obstacle may announce more declines. The false breakout above the median line (ML) signals that the leg higher ended and that the sellers could take it down.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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