Last week, the kiwi purged all the Liquidity Pool at 0.6273 on the Weekly basis and at 0.6201 on the Monthly basis. The NZD/USD pair is expected to go up first to rebound to 0.6256 before the price goes down again to follow the overall downtrend. The downtrend will last as long as NZD/USD does not break out and closes above 0.6332.
Overall, the NZD/USD pair has been trading with the bearish bias.
Disclaimer: Trading Forex on margin carries a high level of risk, and may not be suitable for all traders or investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
The material has been provided by InstaForex Company - www.instaforex.com