The NZD / USD pair could not develop an upward correction above the local resistance level of 0.6443 (the upper border of the descending channel on the daily chart) and resumed its decline within the descending channels on the daily and weekly charts.
Currently, NZD / USD is trading near 0.6325 mark, below the short-term resistance level of 0.6385 (ЕМА200 on the 1-hour chart).
Below the resistance levels 0.6443, 0.6425 (ЕМА200 on the 4-hour chart and the lows of October 2018), only short positions should be considered.
The RBNZ’s propensity to maintain a soft policy and possibly further reduce the rate puts pressure on NZD / USD in the direction of its further decline with targets at support levels of 0.6300, 0.6260 (Fibonacci level 0% and lows of the global wave of pair decline from 0.8820 level).
Short positions are preferred so far.
An alternative scenario assumes a breakdown of the local resistance level of 0.6443 and correctional growth with targets at the resistance level of 0.6490 (May and June lows).
Further growth of NZD / USD is unlikely, unless, of course, the Fed also begins to aggressively reduce the interest rate.
Below the resistance level of 0.6620 (ЕМА200 on the daily chart), the long-term bearish trend NZD / USD prevails.
Support Levels: 0.6300, 0.6260
Resistance Levels: 0.6385, 0.6425, 0.6443, 0.6490, 0.6575, 0.6620
Sell by market. Stop-Loss 0.6390. Take-Profit 0.6300, 0.6260, 0.6200
Buy Stop 0.6390. Stop-Loss 0.6320. Take-Profit 0.6425, 0.6443, 0.6490
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