- April 24, 2023
- Posted by: Tradingshot Articles
- Category: Forex
The NZDUSD pair is trading within a Channel Down pattern, having just broken below the 1D MA200 (orange trend-line). The short-term Resistance is the 1D MA50 (blue trend-line). The key here is the 0.60850 Support. As long as it holds, expect a rise back to the top of the Channel Down, with our target being at 0.63000. A closing below the 0.60850 Support, will be a sell signal for us, targeting the bottom of the Channel Down at 0.59000.
On the longer term, if the price breaks above Resistance 1, we’ll target Resistance 2 at 0.65435. Only a break above the top of the 2 year Bearish Megaphone can justify more buying.