NZD/USD: Last Stand for Bears

2 min read
Davinwu

Davinwu

Author
Dear Traders,
The NZDUSD has reached a point of decision. Should this level be broken we could expect a bullish breakout. So long as price remains under this zone, the sentiment is bearish.

It appears that some fixing sales in the US dollar are weighing. USD/JPY fell through 111.00 in the third day of declines and some stops knocked it to a low of 110.94.
The dollar is under pressure and weakening across the board. We can expect a reversal after the fix.
The POC zone is 0.6762-72 [8/8 // 61.8 FR // Historical Rejections]. If price rejects, targets would be 0.6737 [3/8 // D L3 // 23.6 FR], ultimately reaching 0.6718, testing previous swing low.
Should price close above 0.6785, bullish targets are 0.6797 W H3, extended target 0.6850 [W H5 // 161.8 FR]

The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Davin Wu aka AmbitionFX
Elite CurrenSea

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