By Admiral Markets
The NZD/USD has been trading within the bearish channel, with a very low ATR. Slow zig-zag that has been forming this downtrend points out to new POC zone where price could reject and a breakout/continuation level just below it. The POC (EMA89, D H3, ATR pivot, Upper channel line) 0.7000-7015 could reject the price towards 0.6980. Breakout and 4h close below 0.6980 suggests 0.6960 as the next target. Break of 0.6960 could pull the price lower to 0.6930.
D H3 – Daily Camarilla Pivot (Daily Resistance)
POC – Point Of Confluence (The zone where we expect price to react – aka entry zone)
W L3 – Weekly L3 Camarilla (Strong Weekly Support)
D L4- Daily L4 Camarilla ( Very Strong Daily Support)
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D L5- Daily L4 Camarilla ( Strongest Daily Support)
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Article by Admiral Markets
Source: NZD/USD Bearish Channel in Progress
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
