NZDUSD Rejection Might Come Soon

Nenad Kerkez

NZDUSD pair is correlated to Chinese markets and China A50 index and any turmoil is reflected on the pair. Weak data reflects at the price and as I analyzed it earlier NZDUSD is sold on rallies. Next fade could come soon as we can spot a strong POC which could reject the price.

POC comes at 0.6410-30 as we see a confluence of historical sellers ( blue rectangles ), H3, 88.6 deep fib retracement and X cross. Initially NZDUSD is targeting 0.6295 zone and if H4 candle closes below 0.6295 (L4 camarilla) then Breakout-Pullback-Continuation pattern should target 0.6250 and 0.6220. Have in mind that H4 camarilla pivot needs to hold ( 0.6480 ) for the price to remain bearish

NZDUSD 4 Hour Chart

NZDUSD 4 Hour Chart

Source: admiralmarkets.com

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