NZD/USD: What to expect next Monday ?
Check out our first analysis of the year with the Kiwi dollar.
The daily chart shows an exhaustion with a KS’s slope which is now horizontal indicating that the momentum is slowing down. The next level to watch is 0.68013, which is the TS level. There is no immediate obstacle for the LS as well, suggesting that it has room to go down. Should the TS level break the next immediate support is at 0.66970.
H4 shows that both TS and KS have been broken with a large red candle. The next immediate support is the KUMO at around 0.68040 then 0.67818.
Prices are below KUMO, TS and KS. Checking on below’s KUMO we can see that the next immediate levels to watch are 0.68227 which has been tested, then 0.68140 which has also been tested. The LS is free of any obstacle which means that it can easily drop to lower levels.
Our outlook is bearish for next week.