NZDUSD PRICE TO CONTINUE LOWER…
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WILL THE PRICE OF NZDUSD CONTINUE LOWER THIS WEEK?
In this week’s newsletter we are going to look at NZDUSD as the price has continued lower and the strength of the Kiwi has dropped significantly.
The USD strength looks set to continue making it a great pair to look for short opportunities.
The weekly candle closed as a bearish lower low, lower close showing the bears are in control. The false breakout of the recent highs is also a sign of bearish sentiment with support resting around 0.7000.
Going down into the 4hr timeframe we can see that the market is forming lower lows and lower highs so we can look for this trend to continue.
The minor resistance levels to watch include the previous lows and a key swing point.
As we can see the first resistance level of 0.7178 was a previous long standing support point for the market and which would be a strong resistance level and an ideal place for sellers to continue the trend.
The other level also offers a strong resistance as this was the previous level the market broke out of. So, again another strong level to look for a short opportunity on this market.
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