NZD/USD: Trade ideas for August 26
By Felipe Erazo
The NZDUSD has had a significant drop from the level of 0.8429, so now this pair is trying to consolidate below the support level of 0.8319, which coincided with the 61.8 Fibo expansion level in H1 chart.
If the NZDUSD manages to make a breakout at that level, it would be expected to fall until the support level of 0.8281 due to that this pair has been forming a bearish pattern since last Friday by adding the fact that the NZDUSD remains strong in the bearish trend below the 200 EMA (green line).
The RSI indicator is in oversold zone that could indicate that the NZDUSD will start to perform corrective movements.
Trading recommendations: Hold your current sell orders in the NZDUSD until the support level of 0.8281.