NZDUSD carved a potential top around 0.6790 ?
NZDUSD might have carved a meaningful top around 0.6790 levels yesterday. It is been successful in taking out past resistance around 0.6780/90 levels as well. Ideally, bulls should take a break as bears are back in control. Immediate support is seen around 0.6500 mark and a break lower would certainly confirm that NZDUSD is heading lower towards 0.6000 levels in the next several weeks time. Also note that the rally from 0.5470 through 0.6790 can be sub-divided into 5 waves. High probability remains for a corrective drop at a similar degree.
Remain short, stop @ 0.6830 target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 0.6830 target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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