NZDUSD Downtrend Continues Weekly Resistance Area At 0.6880 To 0.6922 - Daily Forex Market Analysis 24th August 2021
- Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY Securities
- 24.08.2021 08:45 am trading
Overview:
Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete Top Down Analysis of the NZDUSD. Review my previous NZDUSD analysis here.
NZDUSD Weekly:
Weekly support at 0.6798 and 0.6512, resistance at 0.6880 and 0.6922.
Following the formation of a head and shoulders pattern, price is in a downtrend on the weekly chart showing lower tops and bottoms. Price closed on its low last week suggesting a further decline this week.
NZDUSD Daily:
Daily support at 0.6804, resistance at 0.6900 and 0.6968.
Price had a strong decline last week breaking below the 0.6922 and 0.6880 weekly support lows. Expect the 0.6880 to 0.6922 area to now act as strong resistance. Price rallying and failing at the 0.6900 level would present an ideal opportunity to sell for the next decline in line with the higher time frame downtrend.
Long term target 0.6512 weekly support.
