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NZDUSD - Upward trend will continue, Long trade by market price recommended

July 16, 2020 6:29:10 AM by Alexander Zorevyk
Forecast Details
Direction Buy
StatusClosed (0.6555)
Jul. 16, 2020

+95 p
Target 2
+65 p
Target 1
-70 p
Stop Loss
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:

  1. 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.
  2. 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.
  3. MVP line is below the price and acts as a support level.
  4. 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.
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