In the weekly chart, NZD/USD is unable to break the 100week Exponential Moving Average. The down trend line is also stopping the Bulls from pushing the price higher.
It looks like the bears will step in very soon and push the price lower. Selling between 0.6460-.6580 is a good idea with initial target at 0.6150. SL can be placed above the resistance area.
I have set two positions one for up in case of a breakout and my overall bias has been short so I have seta short position too.
KaltoireCapital
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@Refimadon, Yes my bias is short too. I believe there will be USD Strength across the board now. AUD/USD and NZD/USD may drop very quickly.
wiqbal494
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Rbz announced they think them self's that new Zealand Dollar is over priced...
When your own policy makers are saying its over prriced... There's only one direction to go
KaltoireCapital
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@wiqbal494, Yes but NZD is still hanging around the top. Wonder when the downtrend will accelerate.
@Project_PriceAction, yes Im in the sell. If you go down to the 4 hour time frame and draw a downwars trendline from the tops you will see we broke out of the downward trend on Monday and now we're retesting it.. So there's abit of resistance... But once we break back into the trendline it should start dropping faster
KaltoireCapital
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@wiqbal494, Nicely spotted. Yes, I am expecting to see a faster drop. Let's hope we get to see it soon.
wiqbal494
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@Project_PriceAction, yeah fingers crossed, plus we had a few massive bearish spikes today... 20 pips plus. That's a good sign that institutions are also shorting this pair.
KaltoireCapital
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@wiqbal494, Yes I am also expecting a drop in AUD/USD . Looks like there will be US Dollar strength across the board very soon.
wiqbal494
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@wiqbal494, on lower time frames 15 mins, 5 mom's you can see it making lower lows and lower highs.. Which is a good sign. Just that the lower highs are very high... Close to previous highs so the pair isn't moving much but it is still making lower lows