For Traders

Analytical Reviews

Trend line

12.08.202011:19 Forex Analysis & Reviews: NZD/USD Up Channel Breakdown!

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

NZD/USD is trading within an up channel, at 0.6543 level, but the failure to approach the upside line or to stay above the 0.6700 psychological level has signaled a potential downside movement.

The price is almost to reach the uptrend line, up channel's support, a breakdown below this line followed by a retest could validate a corrective phase, significant decline. So, we may have a good selling opportunity if the pair escapes from this ascending channel.

NZD/USD Trading Tips

Sell below the uptrend line if the price makes a swing low or if it drops somewhere below the 0.6515 level. The next downside targets are seen at 0.6393, 0.6218, and at the 0.6130 levels.

Buy only if the currency pair jumps and stabilizes (test and retest the broken line) above the downtrend line, or if it jumps above the 0.6700 level again.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.