The NZD/USD proceeded to break into a downtrend after last week’s short ranging movement. A continuation move looks to ensue after a slight retracement to the adjacent order block level.
Our POC zone is 0.6649-59 [Historical Order Block, 4/8, W H3, D H3, FR 61.8, FR 50.0]. We are looking for retracement to end at this resistance level for bears to take over. Targets are 0.6589 [D L3, 0/8], and 0.6576 [-1/8, FE -27.2]. With enough momentum, we can see price moving to 0.6555 level [-2/8, D L4, W L4]. Final target is the FE 61.8 level 0.6544.
Bearish potential so long as 0.6700 holds. If 0.6700 breaks, we’ll look towards more bullishness in the pair.
The analysis has been done with the
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Many green pips,
Davin Wu aka AmbitionFX