The price of NZDUSD has traded through the key lows at 0.5700 will the price now head to the 2020 lows?
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The NZDUSD continues to weaken as the risk sentiment in the market favours the safe havens over the risk assets. The volatility in the market has risen considerably in recent weeks due to the large amounts of high impact data and central bank rate decisions. This has seen the US stock markets fall and investors move into the USD and JPY. Risk assets such as AUD, NZD, GBP, CAD have all devalued against the USD and JPY and are unlikely to change in the near term.
That being said, looking at the price we can see that it is trading below the opens and closes back in March and April 2020 and looks to be heading towards the major lows at 0.5475. If it does continue on this path to the lows we could look for sellers to re-enter on short term pullbacks in the market. In the 4hr time frame we can see the price is forming lower lows and lower highs. Sellers will look for opportunities in these pullbacks to continue to trade the trend lower.
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