NZDUSD - Bearish Breakout Daily
Updated
Traders,
NZDUSD has recently broken the supporting trendline of a bearish consolidation triggering the start of what could be a very massive decline in price. This is on the Daily/Weekly chart so it is also not for the faint of heart. If you are looking for a quick gain it will be inside of a week or two, but you will miss out on what potentially could bring the pair to .6000 areas or lower.
I've attached the Weekly Chart for you to see the bigger picture:
I am already short on this pair, I do not expect price to exceed .70000 and .7050 area should serve as an even stronger level to stay below should the market try to muddy the waters on such a significant break.
Cheers
NZDUSD has recently broken the supporting trendline of a bearish consolidation triggering the start of what could be a very massive decline in price. This is on the Daily/Weekly chart so it is also not for the faint of heart. If you are looking for a quick gain it will be inside of a week or two, but you will miss out on what potentially could bring the pair to .6000 areas or lower.
I've attached the Weekly Chart for you to see the bigger picture:
I am already short on this pair, I do not expect price to exceed .70000 and .7050 area should serve as an even stronger level to stay below should the market try to muddy the waters on such a significant break.
Cheers
Note
I'm no fortune teller, but I would secure partial profits on NZD trades. Secondary optimal entry seems likely to occur. The market doesn't usually make this sharp of a move without allowing big money to change their hands. Use your judgement.Note
Same update that followed GBPNZD - Analysis for this pair remains unchanged. Market movers are positioning themselves. The drop will occur over the coming days/WEEKS
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.