Price is currently reaching a make or break area. The double top formation on the 4 hour chart suggests further downfall however it ultimately comes down to NZD economy vs USD economy. NZD reported the nation is COVID-19 free which is promising for the NZD whereas the US-China tensions are likely to escalate.
Ultimately the MACD has crossed on a 4 hour timeframe with RSI supporting downward movement. The Stochastic oscillator is indicating further movement to the upside before downfall, or even further to the weekly trend line (dashed line). I am long in this trade as under current economic conditions the NZD will prevail over the USD long term.
Ultimately the MACD has crossed on a 4 hour timeframe with RSI supporting downward movement. The Stochastic oscillator is indicating further movement to the upside before downfall, or even further to the weekly trend line (dashed line). I am long in this trade as under current economic conditions the NZD will prevail over the USD long term.
Trade active:
Break and retest (confirmation of downtrend)