Hey, folks!
We're witnessing some manipulation with the highs here! The upward momentum that started on October 26 broke through the high of October 23 at 0.60555. This high was the peak of the downtrend that persisted throughout this year. We were expecting a decline last week, but as it turns out, the bears were just hiding their intentions. Right now, the pair is trading near the low of last Friday at 0.61444. A breakthrough of this level today or tomorrow would make the outlook for NZD/USD bearish.
We continue to anticipate a decline in the pair. The magnitude and duration of the drop will become clearer in the coming days. If the bears muster the strength to push the exchange rate lower, towards the 0.6070 area, then the decline will likely last for at least a week and appear quite substantial.
We're witnessing some manipulation with the highs here! The upward momentum that started on October 26 broke through the high of October 23 at 0.60555. This high was the peak of the downtrend that persisted throughout this year. We were expecting a decline last week, but as it turns out, the bears were just hiding their intentions. Right now, the pair is trading near the low of last Friday at 0.61444. A breakthrough of this level today or tomorrow would make the outlook for NZD/USD bearish.
We continue to anticipate a decline in the pair. The magnitude and duration of the drop will become clearer in the coming days. If the bears muster the strength to push the exchange rate lower, towards the 0.6070 area, then the decline will likely last for at least a week and appear quite substantial.
Trade active:
Correction after the first downward impulse has reached 50%. Yesterday, we placed a sell order at a rate of 0.6173. Today, it was executed 😊
Trade closed manually:
Our trading strategy did not confirm further downward movement. We closed the trade by market at 0.61501. The profit is +0.37%.
