NZDUSD – has been moving in a downward trend for a long time, and from August 15, an upward correction is underway. I noticed that the closing of the last candle on H4 was accompanied by the creation of a maximum on the MACD, which starts to decrease. According to the PA + MACD strategy, this is a signal for declines on this pair.
For question when to enter the market, we can search answer on the M5 chart. Here, it is clearly visible that the average EMA144 has recently performed a well role as a dynamic support, has been overcome by a strong impulse and is currently trying to return to it from below. In its area I would look for an opportunity to open a Sell order and the 0.6700 level seems to be the best place where we will see if the price will turn back. Its succesfull defeat may negate the downward scenario and the pair will go to the nearest resistance which is the upper limit of the declining channel in which the pair moves from mid-June. You should also take into account today’s FOMC announcements that will be published at 20 GMT+2 and may cause increased volatility in the market. Analyzing the charts I used two strategies: EMA144 and PA+MACD, which description can be found on the portal.