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

October 29, 2019 7:21:29 PM by Alexander Zorevyk
Forecast Details
PairNZDUSD
Direction Sell
StatusClosed (0.6355)
19:20
19:20
Oct. 29, 2019

-50 p
0.6405
Stop Loss
0.6355
Entry
+54 p
0.6300
Target 1
Chart & Analyst Comments
NZDUSD - Downward trend will continue, Short trade by market price recommended
  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. The Ratios indicator shows the change in the ratio of market players towards buyers. Their increase while the downtrend may indicate the activity of averaging traders. This can serve as "fuel" for further downtrend.
  3. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  4. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.
  5. MVP line is above the price and acts as a resistance level.