NZDUSD is breaking below the rising wedge
NZDUSD is breaking below the rising wedge 0.6580 line. A break above 0.6650 is required for the upside reversal and extension higher. For a downside reversal and higher probability short trade entries, we need to see a break below 0.6400. NZDUSD reached 0.6700 in a pullback from the latest swing down to 0.5400. The overall long-term is a downtrend and a confirmed break below 0.6400 will lead to an extended continuation lower.
Note – We are inclined to short trade entries with the stop loss above 0.6600
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