NZDUSD

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?

NZDUSD H4 chart 14 September 2020
NZDUSD H4 chart 14 September 2020

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.

NZDUSD Daily chart 14 September 2020
NZDUSD Daily chart 14 September 2020

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 .

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 risk warning before deciding to trade the markets.

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