NZDUSD BEARISH CHANNEL AND PRICE ACTION
KIWI on a Daily chart and Weekly moving sharply downtrend.
There is classic bearish formation and still need to retrace.
The medium-term momentum is still bearish and the pair is holding under the declining medium-term moving averages, so the mood remains bearish and the resistance at 0.6820 should limit the rise. The pair will then move below 0.6700 and target 0.6510/6470.
Prices already broke out of H4 swing low, leaving behind a supply zone for us to work with. Wait for a distribution or confirmation that prices wants to head lower.
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There is classic bearish formation and still need to retrace.
The medium-term momentum is still bearish and the pair is holding under the declining medium-term moving averages, so the mood remains bearish and the resistance at 0.6820 should limit the rise. The pair will then move below 0.6700 and target 0.6510/6470.
Prices already broke out of H4 swing low, leaving behind a supply zone for us to work with. Wait for a distribution or confirmation that prices wants to head lower.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
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