Retest of "Mirror" Resistance on NZD/USD

Retest of Mirror Resistance on NZD/USD

The NZD/USD currency pair has become stable after a sharp fall last week. The trading instrument has updated local lows. The technical pattern signals a further correction of quotes. At the moment, the New Zealand dollar is consolidating near the “mirror” resistance of 0.66550. The local support is the mark of 0.66300. We recommend paying attention to this situation.

If the price fixes below the support of 0.66300, a further correction of the NZD/USD currency pair is expected. The immediate goal for profit taking is a round level of 0.66000. The movement is tending to 61.8%-78.6% (0.65800-0.65400). Confirmations and entry points to the market should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex 2019.07.08

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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