NZD/USD: A decline towards 0.64 is back in the picture Short

New Zealand Dollar/U.S. DollarFXCM

Description

⋅ Jul 7, 2020 7:24 AM

NZD/USD Bulls have failed to break the 0.6580 Resistance level and price has pulled back strongly from that level. If the bulls are unable to take that resistance out, the path of least resistance will be to the downside towards 0.64.

Eventually, I expect NZD/USD to slide back towards the 0.60 level as geopolitical risks and worsening global economic conditions will weigh on the NZ Dollar.

Selling the rallies remains the best approach to trade this pair

Comments

ishacm

⋅ Jul 7, 2020 7:30 AM

Nice setup

KaltoireCapital

⋅ Jul 7, 2020 8:55 AM

@ishacm, Thank you

Infamez

⋅ Jul 7, 2020 4:47 PM

Great analysis thank you!

cckidwell89

⋅ Jul 7, 2020 12:55 PM

Ohhh a little fundamental from Neel on this one huh? Oh I’ll definitely be watching this one.. I actually might go sell this right now

FXCM

⋅ Jul 7, 2020 9:46 AM

thanks for sharing! agree with your bearish bias, here's what I see on NZD/JPY:

ProjectSyndicate

⋅ Jul 7, 2020 8:39 AM

good deal, I like that. thumbsup.

KaltoireCapital

⋅ Jul 7, 2020 8:55 AM

@ProjectSyndicate, Thank you

Marcel69

⋅ Jul 7, 2020 8:16 AM

Do you mean by selling the rally's is tp and open a new sell????

KaltoireCapital

⋅ Jul 7, 2020 8:56 AM

@Marcel69, I am saying whenever it rallies and reaches the resistance, you can sell