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Good day, dear traders! This time, we will talk about the NZD/USD currency pair, because this instrument has a long-term prospect for a decrease and the formation of a weekly Price Action pattern "Absorption". On the weekly timeframe, there is a global, downward trend, and hints at its continuation last week. The first thing to pay attention to is a false breakdown of the level of 0.6448 at the beginning of last week. But the most important thing that this instrument expects is an interest rate decision early Wednesday morning, with the Central Bank forecast to cut the rate from 1% to 0.75%, which will certainly be the main driver this week. But the most important thing that this tool expects is a decision on the interest rate on Wednesday morning, and the Central Bank is projected to lower the rate from 1% to 0.75%, which will certainly be the main driver this week. Therefore, the recommendation for this instrument is to try to take a sell position, but preferably after the publication of the decision on the interest rate. I consider the level of 0.6237 to be the first goal to reduce, and the second – 0.6200.
It is important to remember that this is a long-term recommendation and it can take a considerable time to implement.
I wish you success in trading and big profits!
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