• Nov 14, 2024
  • Trade ideas

NZDUSD: Crucial Support

NZDUSD, Daily

NZDUSDDaily.png

NZDUSD tests the crucial support at the 0.5860 level.

The price breaches below the Bollinger Band, while the Stochastic oscillator and %R are in the oversold zone, giving a signs of reconery.

  • If the price bounces from the 0.5860, it will rise to 0.6050 level.
  • However, if NZDUSD breaks below the support zone, the asset may fall to 0.5530.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul