31.08.2020
The pair began to correct following today’s weak economic data from China. The pair is being driven down due to the local overbought condition, which may result in a limited decline.
Technical side:
The price is above the middle Bollinger band, below SMA 5, but above SMA 14. RSI is turning in the overbought zone. Stoch are coming out of this area.
NZDUSD rate online: monitor the price movement in real time.
Trading recommendations:
The price falling below 0.6720 may result in a further drop to 0.6685, which would make a 23% Fibonacci pullback.
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