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Allmypips
Sep 16, 2020 3:55 PM

Downside Correction on weekly base towards Support 0.6580$ Short

New Zealand Dollar/U.S. DollarFXCM

Description

Yesterday's fall led to the formation of the "absorption" pattern of the daily level. The downward movement will aim to return to the upper limit of the average move of the previous week, located at the level of 0.6740/50$
Price hit back to resistance and expecting coming days correction downside If price closed below 0.6760/80$, the target of the decline will be the weekly short-term price of 0.6636-0.6621. A test of this zone will cause the price to go more downside towards support 0.6520$

🛑SUPPORT/RESISTANCE
✅S1= 0.6650
✅S2=0.6530
✴️R1=0.6760
✴️R2=0.6820
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Trade closed: target reached

Comments
Crypto-FX-Trading
Prefect analysis
FXCM
Thanks for sharing, great work there! For me, price broke out of the descending trend line where we could see a push up, here's my view on NZDUSD:
Crypto-FX-Trading
@FXCM, agree with your analysis as well
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