NZDUSD Daily Analysis 11/23/19
New Zealand Dollar/U.S. Dollar FX:NZDUSD
NU Short idea
This pair has been holding a steady bearish trend on high time-frames.
At the current level we have seen multiple rejections from the major resistance zone & daily 38.2% fib level around 0.64400 which means that a strong bearish move could be imminent.
For us to have enough confirmation we always look for bearish setups but in this scenario there are two relative minor support levels we want to see break (in blue).
A break of the first support level will confirm the first broken higher low, ideally after that has been broken a retest followed by strong bearish setups will give us confidence to short to the next support level around 0.63250.
Once this level has been broken that will confirm a break of a higher time-frame lower high in which case this thing is more than likely to dump!
We’re looking to target our weekly support around 0.62750 which is about 125 pips from where price current is!