NZD/USD Proceeds With Downtrend
The NZD/USD is in a strong downtrend. If we see a pullback the POC zone should show fresh sellers and the Kiwi should drop again.
0.6320-50 is the confluence zone. Watch for rejections in the area if the price pulls back. We can see a strong zig zag and very nice downtrend and there is still room for more downside price action. Targets are 0.6279, 0.6225 and 0.6182. Only above 0.6423. we will see a deeper retracement. If we don’t see a retracement to the POC zone watch for a drop below 0.6250 for a continuation down.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX