NZDUSD Likely To Decline Further Towards 61 Cents!
Have a look at the snapshot above. It represents the nearby support and resistance levels on monthly TF of NZDUSD. A convincing close of monthly candle below 0.64000 would likely confirm probable bearish continuation until 0.61000 where the next support lies.
Looking at the main chart, there is a nice descending channel continuation! Should the monthly candle and this week's candle close below 0.64000 we can take this pair SHORT to target 0.61000 level.
The fundamental outlook too is against the KIWI as global slowdown due to trade war is affecting the KIWI. With the Tradewar far from over and RBNZ leaning towards slashing rates again to boost the economy, a visit to 0.61000 is highly likely.
This just represents my outlook on this pair, shall a trade opportunity arise i will post it in a new thread.
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