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Nzdusdshort

NZDUSD – bearish momentum building 07 Aug, 2023This pair has had 3 consecutive weeks of losses and in my opinion, this trend will continue during the upcoming week. Looking at recent PA, the bulls have tried to recover some ground, but these have been mostly weak moves that were quickly reversed by the bears. A similar pullback and further bearish evidence will provide another opportunity to go short. If my expectation does come through, I will be looking at the area around 0.5840 as target. Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more. What do you think about this trade idea? Please comment and share your thoughts!!
Short
by Trading_Vista
📌 Potential LONG-TERM SELL setup for: NZD/USD👩🏽‍💻Technical: NZDUSD is currently undergoing a pullback as it experienced a recent rejection at the 0.60605 level. The presence of multiple rejections at the monthly and weekly moving averages signals significant bearish pressure in the market. Furthermore, the breach of higher time frame support has now transformed it into a resistance level, further reinforcing the bearish sentiment. 🎯 For an ideal entry: For a strong confirmation that the push > exhaustion cycle is completed, a powerful bearish candlestick forming around the resistance zone would be highly desirable. Such a signal could serve as a compelling indication to sell, potentially driving prices back to previous lows and psychological levels.
Short
by fxtraderkristina
Chart analysis for NZDUSD D1A symmetrical triangle has been forming on the daily chart since the second half of May as a result of two converging trend lines. Furthermore, bulls should be cautious given the recent repeated failures above the 100-day Simple Moving Average (SMA). Therefore, it would be prudent to wait for some follow-through buying and sustained strength above the 0.6200 mark before positioning for any further appreciation. In other words, NZD/USD might test the 0.62800-0.6285 supply zone, or May's monthly swing high, once it clears 0.6235. As for downside protection, the 0.6140-0.6130 area now appears to protect us before 0.6100. 0.6070-0.6065 is currently pegged as good support along the lower end of the triangle. NZD/USD could reach the psychological level of 0.6000 if the pair breaks below. There is potential for further near-term losses if further selling occurs below the YTD low.
by enclavefx_Analaysis