NZD/USD: getting more and more ugly
We highlighted a couple of days ago our bearish view on this pair. And it seems it’s just the beginning…
MonthlyThe Monthly chart shows that the Lagging Span (LS) has been rejected twice from its KUMO suggesting the resistance is strong. Last week, prices attempted to join their TS but were stopped this week with this big red candle. The projected KUMO is also bearish. The next support on the monthly is @ 0.64264 then 0.57047.
The Weekly shows a big rejection of prices to join the KUMO, this was already demonstrated by the previous candle which was bearish. Prices are more or less on their KS, with a big red candle with no wick. The LS has no immediate support meaning that it could easily drop.
The Daily shows a very important thing: Prices just crossed down the KUMO suggesting the equilibrium may be disrupted. The LS also crossed its SSB which is confirmation that bears have full control of the pair. Next support @ 0.64667 and then 0.62063.
Our view is bearish for next week.