FX.co ★ NZD/USD Downside Reversal!

NZD/USD failed to reach 0.7300 psychological level signaling that the buyers are exhausted. It has also failed to reach the 0.7272 level in its last attempt indicating a new potential decline towards the uptrend line.

Now the pair is trading below the downtrend line and under 0.7200 psychological level. Stabilizing under the uptrend line and dropping below 0.7153 former low validates a downside reversal.

Trading Conclusion!

Sell NZD/USD if the price drops below 0.7153 former low and use the 0.7000 level as a downside target.