NZD-USD PAIR HAS BEEN BULLISH MID MARCH-2020 TO EARLY JUNE-2020. PAIR HAS GOT RESISTANCE AT 0.6584 (HIGH OF 10 JUNE, 2020). IF WE LOOK AT THE PRICE ACTION FROM 10 JUNE 2020 TO 08-JULY-2020, WE HAVE MULTIPLE REASONS TO SHORT THE KIWI AGAINST USD.
REASONS TO SHORT NZD-USD:
1) DOUBLE TOP FORMATION ON DAILY CHART (10-JUNE-2020 & 07-JULY-2020)
2) DOUBLE TOP FORMATION ON H-4 CHART (06-JULY-2020 & 08-JULY-2020)
3) BEARISH GARTLEY FORMATION ON H-4 CHART, BELOW ARE SELL TRADE LEVELS AS PER BEARISH GARTLEY FORMATION:
SELL ENTRY: 0.6574
STOP LOSS: 0.6611
TARGET-1: 0.6505
TARGET-2: 0.6458
TRADERS CAN LOOK FOR EXTENDED TARGET TO THE DOWN SIDE IF NZD-USD SLIDES FURTHER.
ALTERNATIVELY IF NZD-USD MANAGES TO BREAK AND CLOSE ABOVE 0.6600 ON DAILY CHART, IT MAY RUN TOWARDS 0.6700 TO TEST HIGHS OF JANUARY-2020.
REASONS TO SHORT NZD-USD:
1) DOUBLE TOP FORMATION ON DAILY CHART (10-JUNE-2020 & 07-JULY-2020)
2) DOUBLE TOP FORMATION ON H-4 CHART (06-JULY-2020 & 08-JULY-2020)
3) BEARISH GARTLEY FORMATION ON H-4 CHART, BELOW ARE SELL TRADE LEVELS AS PER BEARISH GARTLEY FORMATION:
SELL ENTRY: 0.6574
STOP LOSS: 0.6611
TARGET-1: 0.6505
TARGET-2: 0.6458
TRADERS CAN LOOK FOR EXTENDED TARGET TO THE DOWN SIDE IF NZD-USD SLIDES FURTHER.
ALTERNATIVELY IF NZD-USD MANAGES TO BREAK AND CLOSE ABOVE 0.6600 ON DAILY CHART, IT MAY RUN TOWARDS 0.6700 TO TEST HIGHS OF JANUARY-2020.