Descending Channel on NZD/USD

Descending Channel on NZD/USD

At the moment, the bearish sentiment prevails on the NZD/USD currency pair. This week, a pronounced downward channel (timeframe M30) has formed. The NZD/USD quotes have the potential to further decline. The closest support level is 0.73100. We recommend you to pay attention to this situation.

If the price fixes below the local support of 0.73100, you need to look for entry points to the market to open short positions. The target movement level is 0.72750-0.72500. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.08.09

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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.