FX.co ★ WiLD-CAT | NZD/USD

NZDUSD Regarding analysis of NZDUSD market movements, especially using the InstaForex chart, it seems a little difficult to analyze on a smaller time frame. This is because there was a system error, where a candle formed with a fairly large range at the start of this week's market session. Therefore, I tried to analyze the NZDUSD market movement using the weekly chart reference. It can be seen in the depiction of the weekly chart above that the trend condition is currently in a bearish phase with the candle movement already below the Ma 50 area (red). Prices experienced a bullish correction phase in the previous Sunday's trading session and this week there seems to be an attempt by sellers to continue their bearish trend. It is still interesting to consider selling transactions as long as there is no increase above the resistance area as the highest price limit this week in the range of 0.5975. For consideration of sell entries that can be taken into account, it looks like you can enter a sell position in the range of 0.5900 to 0.5930. The downward target for this price level range could be to plan TP 1 to reach the 0.5850 level and TP 2 to reach the Zero area below it in the 0.5800 range. The further downside target also seems to have the potential to reach the support area again as the previous year's lowest price limit at around 0.5763. The SL placement of the selling plan can be placed above this week's high area at around 0.5980. To consider buying entry plans, it seems like you can wait for an increase above the 0.5980 level. Bullish movement above this area will apparently try to retest the ma50 (red) movement limit at around 0.6044.