NZD/USD will soon meet an obstacle
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Trade idea:
SELL 0.6770; TP1 0.6730; TP2 0.6700
NZD/USD closed last week below the declining 50-week MA (0.6765). The monthly chart also shows that the pair meets substantial selling interest when it tries to recover above 0.6900.
On D1, we witness a temporary recovery from the 50-day MA (0.6730). NZD/USD formed a “harami” pattern and will likely test the previous support and now resistance around 0.6770. This area, however, where the weekly pivot is located, looks a great place for selling.
