By Admiral Markets
The Kiwi – NZD/USD is riding higher time frame momentum. Piggyback weekly sell is reflecting on lower time frames where we could start searching for short trade opportunities. I see 2 possible scenarios. If the price proceeds below the 0.7220 and if we see 4h close below it, we could see 0.7195 and 0.7150. A pullback to POC (H3, DPP, EMA89, 38.2, inner trend line) 0.7260-75 could spike down the price towards 0.7220 and below. Judging from both weekly and daily trend and momentum, targets could be even lower then L5 is suggesting if the NZD/USD keeps dropping and we will assess it once (and if) the target L5 is reached.
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Article by Admiral Markets
Source: NZD/USD Weekly pinbar suggesting bearish pressure
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