NZDUSD - Upward trend will continue, Long trade by market price recommended
July 16, 2020 6:29:10 AM
Forecast Details
PairNZDUSD
Direction
Buy
StatusClosed (0.6555)
+95 p
0.6650
Target 2
+65 p
0.6620
Target 1
0.6555
Entry
-70 p
0.6485
Stop Loss
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
For today's forecast, we recommend a Buy Order at this recommended market price - 0.6555. This idea is based on the following analysis:
- According to the most brokers’ data, more than half of the traders are currently in short positions on NZDUSD. As a result, we recommend considering only Long trades at this time.
- The increase in sellers is observed both in the upward movement and in the retracement movements. Retail traders still believe in the possibility of price decrease.
- MVP line is below the price and acts as a support level.
- These accumulation of retail traders stop losses coincide with the level of the previous high. This level will serve as the target for our trade.
