NZD / USD: Output average term bullish channel

At the very end of trading session on Friday, the USD NZD / broke the support at 0.7854, giving us a new sell signal. At the opening on Sunday, the pair opened a major bearish gap that is about to be filled. This could lead to a pullback on 0.7854 before a resumption of the downtrend. In the short term, the price is now moving under the lower limit of its bearish channel (blue lines).

We continue to advise short positions (selling) as 0.7854 is resistance. A return under 0.7786 will give a new sell signal. The course will then continue its movement towards 0.7750 then the major support at 0.77 (gathering all the lowest annual).

In case of return above 0.7850, we advise you to stay flat (neutral) between this level and 0.7910.

ps: Traders with a more aggressive strategy can treat the pair according to 0.7854 (Long above; Short below).

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