NZDUSD Bearish Breakout Confirmed!
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As I pointed out in a previous post, the Kiwi failed to bounce of of support and breached the lower bound of the trend earlier this week. There was a brief correction which failed to break back above the trend line and was immediately followed by a drop back down to the swing low of the initial break. Then with strong US labor data we have a continuation of this downward price action further supporting the continuation of a bearish reversal breakout on this pair.
We've got ~70 pips to go before the next trend based support level!
We've got ~70 pips to go before the next trend based support level!
Note
Do note though, that the RSI on H4 and H1 show oversold or close to oversold conditions, so we may see a bit of consolidation and/or pull back before continuing through to the next support
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