For a long
moment there yesterday it looked like NZD/USD had actually broken above the
resistance at 0.6660 and was about to head for the next resistance at 0.6780.
The breaktout proved to be false, however, and the pair formed a doji
candlestick right under the resistance level visible on the daily filter chart.
Considering that was the second doji candlestick formed there together with the overall
bearish trend, the move to the downside afterwards came as no surprise. The
pair is once again headed for the support level at 0.6500 and should it break
below that level the bearish trend will continue.
It seems bearish trend would continue.
ReplyDeleteThank you for the interesting analysis.
ReplyDeleteThe downtrend is still very strong.
ReplyDeleteInformative post.
ReplyDelete