SynapseTrading
Short

NXD/USD (Daily Chart) - Resisted by the 200-Day EMA

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
After breaking the neckline about 4-5 months ago, this pair has been mostly bullish , but in the past 1 month it has shown a strong rebound back to the breakout point.

Now, it is being resisted by the support-turned-resistance and the 200-day EMA , and if prices are unable to cross those, then it is likely that the bearish trend will continue.

Based on the price projection of the rectangle pattern and prior low, a good target would be near the 0.62 region.
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