As we can see on a weekly time frame, this pair is completing a cycle (low-to-low) trending slowly up within a channel. For trading purposes though, it is actually trending down. Currently this pair is in one of the strongest down trends of all the majors. The NZD is the weakest currency, while the USD is the strongest one. That's why I expect further continuation to the downside toward the lower border of the channel. However, a word of caution is necessary: There's a relatively strong support level at about 0.81, which happens to be both a multi-pivot line and a median line of a horizontal channel. I don't think this support is going to hold as much as 0.80 should, but buyers may be more active here.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
