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Mihai_Iacob
Aug 17, 2023 8:01 AM

NzdUsd- In search of the next support (could be 0.5750) Short

New Zealand Dollar/U.S. DollarFXCM

Description

After flirting with 0.6050-0.6070 zone support, exactly a week ago, NzdUsd managed to break under and at the time of writing is trading well under the psychological 0.6.
The overall structure is strongly bearish and we could probably see down continuation.
0.6050 is now resistance and, in my opinion, rallies towards 0.6 should be sold considering a stop above resistance.
As the title says, 0.5750 could be swing trader's target.
Comments
DeGRAM
Execellent chart analysis and explanation
Mihai_Iacob
@DeGRAM, thanks
AlloysK
I have a future SELL orders at 0.597 and 0.598. Thanks for the reassurance. Thanks for sharing
Mihai_Iacob
@AlloysK, A good zone for selling for sure
Thanks for comm
TheFxAce
Going short here seems wise. I'm impressed!
ArmanShabanTrading
Strong analysis!
FirstNameHelen
Good chart, thanks for your idea
LegionQ8
Quality post, all clear, thanks
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