NZD/USD: Bears Are Moving The Price Towards The First Target

Technical analysis of Forex market

NZD/USD technical analysis

  • Bearish configuration.
  • Downtrend continues.
  • M L3 is the first target.
  • NZD is weak.

  1. Swing low.
  2. Higher low.
  3. Swing high.
  4. Entry zone.
  5. Final target.

The NZD/USD is bearish. We can see a strong downtrend in progress. This is a good opportunity to short the NZD/USD as this is the positional trade. We can clearly see a downtrend progression and the point 4 is entry zone. Shorts are bound to continue lower to the first target. M L3 – Q L4 camarilla pivot is the first target. So the entry is around 0.6770, the first target is 0.6698 and the final target is 0.6580. The final target can only be reached if 0.6690 breaks lower and/or the daily candlestick closes below that level.