Will NZD/USD stop falling?
Read the article on FBS website
Recommendation:
SELL 0.6520
SL 0.6575
TP1 0.6455 TP2 0.6385 TP3 0.6235
On the daily chart, NZD/USD was testing diagonal resistance in the form of the upper border of the downtrend channel. The failure of buyers points at their weakness. To continue the decline to 161.8% target of AB=CD, bears need to pull the prices below the support at 0.6520.
On H1, after reaching 113% target of the “Shark”, NZD/USD pulled back to 38.2% of the wave CD. Then the downtrend continued as the “Shark” transformed into 5-0.