NZDUSD has been struggling around 0.71450 trying to break the resistance but failed for days. We have witnessed a comparatively strong downward momentum on the 16th of Sep.
On the hourly chart we can see a downward breakthrough of the 0.7080 level and a short-term low level consolidation would be expected. But long-term wise speaking we would expect a downward movement of NZDUSD turning it back to the consolidation area around 0.70640-0.68020. A retouch of the August low 0.68130 is possible but profit may be cut if a weakening of the momentum is witnessed.
My own trading system CLAM has indicated to go short after the close of the previous daily bar and a trade idea is now established to go short on NZDUSD.
Expected OP: 0.70650 SL:0.71450 TP:0.68130
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Trade active
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Trade is now live. OP: 0.70650 SL:0.71450 TP:0.68130