NZD/USD: Approaching multi-month resistance(Week Strong Bearish)

New Zealand's (NZ) Gross Domestic Product (GDP) shrank 1.6% in the first three months (Q1) of 2020 vs. -1% expected and +0.5% booked in the Q4 2019

NZD/USD. On a monthly basis, strong U-TURN is expected downward as a correction to 0.6240 and 0.6000. NZD/USD has managed to come back below the long-term trend line (Pre-COVID 19 Resistance) from a multi-year low of 0.5450. Currently, NZDUSD outlook is cautiously bullish as the price hit a 4-month HIGH of 0.6540 (Below Trend line). We could have another long opportunity if NZD/USD closes or breaks above 0.6575 and stabilizes above the 0.6570- 0.6590 area. This scenario could announce an increase also towards the R2 (0.6730) level. Another short opportunity could appear if NZD/USD decreases and closes below the 0.6510 previous low. On the daily and weekly basis, the price is showing weakness. In the coming weeks, the pair is expected to make some downward correction towards the support level of 0.6250. A breakout of 0.6240 with a huge separation above the 0.6157 - 0.5940 area will bring a short opportunity as well.
SUPPORT/RESISTANCE
S1= 0.6240
S2=0.6000
R1=0.6540
R2=0.6730
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.

Dagangan ditutup: sasaran tercapai:

1st target we reached +90 pips