NZDUSD Looking Bearish

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Certainly. Here's a rephrased version along with an explanation:

We recently observed a market response following our decision to initiate a sell position at 0.6122 on the 4-hour (H4) chart. This decision was based on identifying a resistance level that overlapped with the current market conditions.

In order to set clear risk and reward parameters, we established a profit target at 0.6064. This target aligns with an overlapping support level, indicating our expectation for a downward price movement.

To manage potential losses and protect our trade, we strategically placed a stop loss at 0.6189. Notably, this stop loss coincides with another overlapping resistance level. This placement aims to limit losses in case the market moves against our sell position, providing a risk management strategy aligned with the identified chart patterns.


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