it is just a range, a very... very big range.Please look at addition chart for a bigger view.
NZDUSD still in a down trend, and the support on the monthly chart is still indicate a very strong power of DXY . The monthly show a structure of a 2 overlap range of price, one in (purple range) and (orange range) as both pointed by a box in the additional chart below.
Setup configuration :: (More info with a bigger views in the chart below)
SHORT @ 0.6850 , (As point by orange box)
This number come from a recently reversal a few month back... as point by (orange box) .
STOP @ 0.7000 , (As point by red box)
This come from the same point as (entry point orange box) with an extra pip. (as seen on red box).
TARGET 1 @ 0.5400
This number come from a bigger range of price that has been shift over a few years back. (look at bigger chart for detail).
TARGET 2 @ 0.4000
Using the same reason as the (1st target) but with additional extend drop price along of multi years strength of USDOLLAR , DXY .
secondary chart for target and price range
