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

August 24, 2022 10:53:47 AM by Alexander Zorevyk
Forecast Details
PairNZDUSD
Direction Sell
StatusClosed (0.6240)
10:53
10:53
Aug. 24, 2022

-65 p
0.6240
Stop Loss
0.6175
Entry
+60 p
0.6115
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on NZDUSD. As a result, we recommend considering only Short trades at this time.
  2. We see a sharp increase in buy orders as indicated by a number of brokers, which may indicate an interest of a big market player. We are expecting a downward movement.
  3. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  4. MVP line is above the price and acts as a resistance level.
  5. The price decrease will be accompanied by the trigger of market crowds’ stop losses, which in turn will serve as a "fuel" for the downward movement.
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