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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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.
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.

Technician SharifAzadeh
Yeah, Hopefully..
-1 Reply
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