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NZDUSD - Downward trend will continue, Short trade by market price recommended

February 1, 2022 8:22:42 PM by Alexander Zorevyk
Forecast Details
PairNZDUSD
Direction Sell
StatusClosed (0.6620)
20:20
20:20
Feb. 1, 2022

-70 p
0.6710
Stop Loss
0.6640
Entry
+60 p
0.6580
Target 1
+90 p
0.6550
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
  5. The first target is at the level of the previous bottom - 0.658, and the second one, in case of an active price decrease, is at the level - 0.655
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