NZDUSD has come to its major support area again. It fell rapidly on Friday. So it is showing its bearish power. With this bearish power we can see breakout of this support in the coming trading weeks.
Submit Your Comments:
In daily chart, it is giving bearish signal. In weekly chart, a bearish rejection candle is formed. So both daily and weekly chart is giving sell signal for this pair.
As this pair is now staying on the support, so we have to wait for breakout for confirmation of next down rally. For sell, target will be 0.7500 area. If this pair take some retracement, then we can sell from 0.7800-0.7830 area. It will be better to sell from retracement.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 0.7901
Resistance One (R1): 0.7795
Pivot Point: 0.7741
Support One (S1): 0.7635
Support Two (S2): 0.7581