Have a look at the snapshot above. It represents the nearby support and resistance levels on monthly TF of NZDUSD. A convincing close of monthly candle below 0.64000 would likely confirm probable bearish continuation until 0.61000 where the next support lies.
Looking at the main chart, there is a nice descending channel continuation! Should the monthly candle and this week's candle close below 0.64000 we can take this pair SHORT to target 0.61000 level.
The fundamental outlook too is against the KIWI as global slowdown due to trade war is affecting the KIWI. With the Tradewar far from over and RBNZ leaning towards slashing rates again to boost the economy, a visit to 0.61000 is highly likely.
This just represents my outlook on this pair, shall a trade opportunity arise i will post it in a new thread.
awesome analysis i love your hard work keep it up and thanks a lot for sharing with us...hoping waiting for your daily charting on NZDUSD...
FX618Analysis
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@basdawoodjan, thank you it means a lot. Next month the first trading day I plan to take this short should the RR be favorable. Or I will wait for slight retracement before entry
basdawoodjan
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@FX618Analysis, i just love the way you trade and analysis...i am not pro in trading but my view on NZDUSD first support is 0.6040 second support is 0.5034 and third and last support is 0.4020 area on monthly chart...there will be some up down but at the end first support will hit 101% sure...that will be 0.6040-+0.5914....i will first see your chart then i will take action...thanks a lot for your help...