USDNZD sell setup.

Hi traders,

USDNZD looks good for a sell setup. I am expecting a nice move to the downside. Use your tested trading strategy to determine the best buy and sell levels.

There's a few ways this trade could play out, and how you play it entirely depends on your trading strategy and risk tolerance. I am expecting a bounce at the sidewards support level before a breakdown commences. Alternatively, it could break the sideways support, and retest the sidewards support as resistance before the break down takes place.

Best regards,
Tom_Killick

Comment:

Price bounced off sideway support, and is nearing the horizontal resistance zone. Will price bounce off horizontal resistance zone and break down? Or will price carry onto the highs?

I guess we will soon all find out.