Outside Bar on NZD/USD

Outside Bar on NZD/USD

Last week aggressive sales were observed on NZD/USD. Demand for the US dollar is still high. Price Action indicates a further drop in the NZD/USD quotes. Near the local offer zone of 0.69500-0.69650, the classic pattern of Outside Bar (H1 timeframe) has been formed, which currently acts as a continuation of the current trend. At the moment, the trading instrument is testing local support of 0.69300. We recommend you to pay attention to this situation.

If the price fixes below 0.69300, you need to look for entry points to the market to open short positions. The immediate goal for fixing profits is the round level of 0.69000. The movement is tending to 0.68700-0.68500. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.06.18

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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