After last week's massive sell-off, the NZD/USD should see some retracement before continuing the current downtrend. It has found some support on the daily chart and looks like there could be a rebound to the .717 area. There is a strong resistance area due to previous trendline/structure, fibonacci, and moving average resistance. Watch for price action to bounce off this area before it continues downward.
Disclaimer: this is only an idea and not investment adivce. Trade at your own risk
Disclaimer: this is only an idea and not investment adivce. Trade at your own risk
Note
Stochastic RSI and CCI also in oversold territory and about to cross over
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.