NZD/USD Bearish Channel in Progress

April 03, 2017 10:22

The NZD/USD has been trading within the bearish channel, with a very low ATR. Slow zig-zag that has been forming this downtrend points out to new POC zone where price could reject and a breakout/continuation level just below it. The POC (EMA89, D H3, ATR pivot, Upper channel line) 0.7000-7015 could reject the price towards 0.6980. Breakout and 4h close below 0.6980 suggests 0.6960 as the next target. Break of 0.6960 could pull the price lower to 0.6930.

D H3 - Daily Camarilla Pivot (Daily Resistance)

POC - Point Of Confluence (The zone where we expect price to react - aka entry zone)

W L3 - Weekly L3 Camarilla (Strong Weekly Support)

D L4- Daily L4 Camarilla ( Very Strong Daily Support)

D L5- Daily L4 Camarilla ( Strongest Daily Support)

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