Near the round level of 0.72000, a classic pattern of the Price Action Outside Bar (H1 timeframe) was formed. This formation signals a possible correction in the near future. The local support is 0.71700.
We recommend looking for entry points to the market in order to open short positions if the NZD/USD quotes fix below the 0.71700 mark. The movement is tending potentially to 0.71300-0.71000. When tracking the position, it is better to use a trailing stop.
It is necessary to reduce risks when opening positions. This transaction is countertrend.We recommend you to have a look at the actual figures of technical analysis.
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.
- The US Dollar Weakened Against the Basket of World Currencies – 2017.06.01
- The Forecast – 2017.06.01
- Analysis of the Commitments of Traders Reports – 2017.05.30