Following the last rejection at 0.6370 we warned traders that NZDUSD was vulnerable to a move towards the green support trend line around 0.61-0.6130. Today price has reached this support area and is challenging the green support trend line. A break below the green support trend line would be a bearish signal. The break below support will open the way for a move lower towards 0.60-0.59. Resistance at 0.6370 remains key. Bulls need to recapture this level in order to regain control of the short-term trend. Price has started making lower lows and lower highs. The most probable scenario is for price to break below support and move lower towards 0.60.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- resistance
Green line- support trend line
Yellow rectangles- rejections
Following the last rejection at 0.6370 we warned traders that NZDUSD was vulnerable to a move towards the green support trend line around 0.61-0.6130. Today price has reached this support area and is challenging the green support trend line. A break below the green support trend line would be a bearish signal. The break below support will open the way for a move lower towards 0.60-0.59. Resistance at 0.6370 remains key. Bulls need to recapture this level in order to regain control of the short-term trend. Price has started making lower lows and lower highs. The most probable scenario is for price to break below support and move lower towards 0.60.
The material has been provided by InstaForex Company – www.instaforex.com
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