The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
NZD/USD will soon meet an obstacle
Information is not investment advice
NZD/USD closed last week below the declining 50-week MA (0.6765). The monthly chart also shows that the pair meets substantial selling interest when it tries to recover above 0.6900.
On D1, we witness a temporary recovery from the 50-day MA (0.6730). NZD/USD formed a “harami” pattern and will likely test the previous support and now resistance around 0.6770. This area, however, where the weekly pivot is located, looks a great place for selling.
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