Technician
Short

NZDUSD: Near term downside favored #forex

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
1924 8 29
It's likely that the NZDUSD             continues to move lower in the near term.
  • The price has broken 0.7550 support zone , which turns now to a resistance that could limit the upside.
  • The price has broken the rising trend line for the latest main bullish correctional wave
  • The 50 days simple moving average was taken as well.
  • Breaking back above 0.7575 with stability could negate this scenario
  • Downside targets are illustrated on chart

Good luck
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Perfect
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Wonderful
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Technician PriceActionTrading
Thanks Man :) .
-1 Reply
Greetings Dude,

The massively dovish RBNZ statement should support this bearish scenario. I think breaking the yearly low is not far off.
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Technician SharifAzadeh
Yep, add to that the disappointing weak employment numbers.
-1 Reply
Technician Technician
We just need some not bad numbers from U.S.
-1 Reply
SharifAzadeh Technician
With 80% of American employees in the service sector and with such good numbers seen on the employment part of the ISM non-manufacturing PMI report, my bet is that NFP will be something between 190K to 230 K, which is good enough to revive the bullish forces in DXY.

Regards
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Technician SharifAzadeh
Yeah, Hopefully..
-1 Reply
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