Flag on NZD/USD

Flag on NZD/USD

The bearish sentiment has been prevailing on the NZD/USD currency pair for quite a long time. At the moment, the trading instrument is consolidating near three-month lows. The current technical pattern indicates a further drop in the NZD/USD quotes. On the hourly timeframe, the classic "Flag" figure has been formed, which currently signals the continuation of bearish sentiment. The level of 0.67400 is local support. We recommend paying attention to this situation.

If the price fixes below 0.67400, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is a round level of 0.67000. The movement is tending to 0.66800-0.66600. When tracking a position, we recommend using a trailing stop.

by JustForex 2019.04.08

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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