NXD/USD (Daily Chart) - Resisted by the 200-Day EMA
After breaking the neckline about 4-5 months ago, this pair has been mostly bullish, but in the past 1 month it has shown a strong rebound back to the breakout point.
Now, it is being resisted by the support-turned-resistance and the 200-day EMA, and if prices are unable to cross those, then it is likely that the bearish trend will continue.
Based on the price projection of the rectangle pattern and prior low, a good target would be near the 0.62 region.
Now, it is being resisted by the support-turned-resistance and the 200-day EMA, and if prices are unable to cross those, then it is likely that the bearish trend will continue.
Based on the price projection of the rectangle pattern and prior low, a good target would be near the 0.62 region.
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Penafian
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