NZDUSD

We last spoke about the NZDUSD currency pair last month. In that analysis we witnessed price break past its previous higher high and form new highs. Here is a link to that page. (https://fxsits.com/nzdusd-breaks-past-its-higher-high/). However today the pair seems to be reversing from its bullish trend.

NZDUSD Daily chart 24 March 2021
NZDUSD Daily chart 24 March 2021

We see price breaking its long term bullish trend line and major support levels . Thus forming a new trend from the previous market sessions. Looking at the daily and H4 time frame, we see that price finds resistance at level 0.74622 .From there price retraces back and breaks past level 0.73098 .It now trades below support level 0.6999.

Before that price did find support at level 0.71054 however this level could not hold. which it them break pass and now trading below major support level mention above. We can see how NZDUSD currency pair has broken past its major bullish trend line. This is a signal of a new trend formation. If price holds below the major support level . Then we could see level 0.67930 being exposed

NZDUSD H4 chart 24 March 2021
NZDUSD H4 chart 24 March 2021

We are currently watching the pair for any signals .We will be sending an update to our traders on where we think price will be heading and how to trade and profit from it.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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