NZDUSD – bearish momentum building 07 Aug, 2023

This pair has had 3 consecutive weeks of losses and in my opinion, this trend will continue during the upcoming week. Looking at recent PA, the bulls have tried to recover some ground, but these have been mostly weak moves that were quickly reversed by the bears. A similar pullback and further bearish evidence will provide another opportunity to go short.

If my expectation does come through, I will be looking at the area around 0.5840 as target.

Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!

Transaction en cours:

Going as per plan, I took partial profits today.

Transaction en cours:

Sometimes, your analysis can be spot on and for me this is one such trade. Today I closed most of my remaining position, leaving just 10% of the original still in play.