NZDUSD trying to print out a new low

1 min read

2015-06-01_9-52-36

NZDUSD has formed another descending channel and currently it is rejecting off 0.7123 POC (channel top, H3, DPP, 38.2) towards L3 – 0.7063. H1 is looking like a bearish railway pattern rejecting off POC and MACD is below 0, which accounts for a downtrend. Break of 0.7055 could target 0.7025 and 0.6980. From technical perspective all eyes are on 0.7063 but if the pair manages to close and break above 0.7130 we could see a deeper retracement towards 0.7156.

Follow @TarantulaFX on twitter for latest market updates

read the original article on AdmiralMarkets.com