NZD/USD may go to the upside if the descending trendline breaks
NZD/USD has dropped to the support level near 0.71 area.
This area has supported the price multiple times in the past
and even yesterday, NZD/USD rebounded after falling to the 0.71 level.
But, the rebound seems weak this time around. The reason behind this could
be the FOMC meeting event that is preventing investors from placing any major
bets prior to the event.
So, if the price drops near the 0.71 level, I would consider buying
NZDUSD@0.7100-0.7120 with SL below 0.7067 and initial TP at 0.72
This area has supported the price multiple times in the past
and even yesterday, NZD/USD rebounded after falling to the 0.71 level.
But, the rebound seems weak this time around. The reason behind this could
be the FOMC meeting event that is preventing investors from placing any major
bets prior to the event.
So, if the price drops near the 0.71 level, I would consider buying
NZDUSD@0.7100-0.7120 with SL below 0.7067 and initial TP at 0.72