NZDUSD Forecast And Technical Overview
US- Mexico Trade Agreement could send China out of the game. There is simply no standoff when it comes to the U.S.-China trade war. Both sides are in their own delusion that they have the upper hand and the other side will be throwing the towel first. A possible agreement with Canada may make the things more arduous for China.
As the biggest demand source of commodities, a slow down in the Chinese Economy will give big damages to Australian and New Zeland economies. A decline in the demand in China will hit those two.
On the weekly chart, SHS pattern is working. The neckline is 0.68000 and on the Daily Chary, EMA 50 and EMA 100 are working as strong resistance.
0.67300 is the first important resistance. Bearish pressure will remain as long as the pair holds below this level.
On the H1 Chart, we see the wedge pattern which has been broken. The target of the formation is 0.66500 and pair tested this level.
The 0.66200 the main shorter-term support.
- The target of the SHS pattern on the weekly chart is 0.62000.
- Daily closings above 0.67300 would invalidate the pattern.
- Midterm Target is 0.66200. Daily closing below 0.66200 would carry the price: 0.65900, 0.65500 , 0.64400, 0.63400 and 0.62000
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NZDUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility