Lingrid

NZDUSD FALL from strong RESISTANCE line

Short
FOREXCOM:NZDUSD   New Zealand Dollar / U.S. Dollar
In 2019, the price collapsed and dropped behind the strong support line at 0.658. This line was formed in 2009 and after the breakout the price was moving for almost two years, using it as resistance.

However, in November 2020, the price was able to grow and break through this line again, this time during the growth at the 0.678 point. Also, the price, showing a steady growth, rose above the 0.693 support zone . And as a result, continuing the growth, it came to the resistance line 0.724, in the area of ​​which it is now.

This resistance line is one of the oldest on this chart - it was first touched in 2013. In 2015, the price-up robbed it during the fall and since then has never broken the line during the growth. Therefore, I am convinced that even now the price will not be able to break it.

Moreover, we see that the price has already started to fall from the line, so I expect that during the fall, the price will come to the support zone of 0.685.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
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Comments

Great analysis!
100coins
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Seems like pair defies gravity
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Everybody still short NZDUSD?
Reply
Great analysis, I'm also short.
Reply
Lingrid SerkanAhmedov
@SerkanAhmedov, thank you)
Reply
Lingrid harry0995
@harry0995, 👍
Reply
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