In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we discuss further downside for the NZD.
From a technical perspective, we have seen a double top on the daily time frame around the 0.6179 monthly high and now price is beginning to create a structural failure to the downside. However, price does need to break below yesterday’s low of 0.5979 before we should execute any trades to the downside.
What we need to be mindful of is that we are in a mini uptrend since mid-March so we do question how much downside we are likely to experience. If price does break lower, we would expect the monthly low to act as a magnet pulling price towards it but this does remain likely for the time being.
Further Downside for the NZD – Full Video Analysis
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