NZDUSD Continues South After Taking a Breather
NZDUSD is currently struggling around the Resistance level around 0.734
It is possible that the Kiwi Soars forming a Double top formation, but It has a small probability to occur under this current situation.
NZDUSD is expected to continue going south, after finishing its current retracement, reaching a lower high of 0.734, which is no more than the 0.618 Fibonacci Retracement level of the previous move south.
The current Bearish pin bar shows the weakness in the Bulls, and the Bears are in CONTROL for the next big move. the price is at a great place to start a Sell trade. More conservative traders can wait for more confluence.
Traders are adviced to make an initial take profit TP1 = 0.7123 , closing 50% of their trade.
Meanwhile, TP2 would be around 0.7047.
It is possible that the Kiwi Soars forming a Double top formation, but It has a small probability to occur under this current situation.
NZDUSD is expected to continue going south, after finishing its current retracement, reaching a lower high of 0.734, which is no more than the 0.618 Fibonacci Retracement level of the previous move south.
The current Bearish pin bar shows the weakness in the Bulls, and the Bears are in CONTROL for the next big move. the price is at a great place to start a Sell trade. More conservative traders can wait for more confluence.
Traders are adviced to make an initial take profit TP1 = 0.7123 , closing 50% of their trade.
Meanwhile, TP2 would be around 0.7047.