We last spoke about the NZDUSD pair on the 17th of August. In that post, we asked a question. Will the NZDUSD continue its bullish movement ?(https://fxsits.com/nzdusd-to-resume-old-bearish-plans/) Looking at the chart then,we saw price find resistance at level 0.066960 .Thus, failing to break our previous lower high at level 0.67521. Today’s price action is no different as price still hasn’t broken past level 0.67521 .So what does this mean?
If we take a look at today’s price action we will notice that price has been ranging in-between level 0.65807 and level 0.67521 .Since then the NZDUSD hasn’t shown any promising price action. Today price trades towards level 0.67521 .If price breaks past this level. That could possibly be a good signal for buyers. However, we believe this level is very strong and price will struggle breaking it.
The question we also ask is whether the bullish short term market has exhausted? If that is the case we expect to see sellers push the market bearish as soon as price resists at level 0.67521. Price will possibly break level 0.65807 and move according its long term bearish plans.For more information on entries and exits join our smart signals plans .
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