Pullback on NZDUSD presents an opportunity to sell

29 Okt 2021

Looking at the daily time frame, prices are currently testing a key supply zone with potential for further downside. On the M30 time frame, prices broke below the ascending trend line and is facing bearish pressure from the 34EMA as well. A pullback to test its resistance zone at 0.72010 which lines up with the 78.6% Fibonacci retracement and 61.8% Fibonacci extension presents an opportunity to play the drop to the next support target at 0.71520, in line with the 78.6% Fibonacci retracement. MACD is showing signs of bearish pressure as well.