Tricky Friday presents us with NZD/USD

Yes! yes!! yes!!

It’s TGIF Traaaaadeeeeers..

Pardon my excitement guy’s, Friday has been my favourite day since as long as I can remember. Maybe school caused it, can’t say (lol)

Anyways,

How has your trading been so far?

Did I hear someone say great?… Well, after this week, we got two more weeks to do damages, so, let’s focus.

Though I rarely trade on Friday’s, I have this one trade I am staring at…

1. NZD/USD

NZD/USD broke a key descending support trendline (0.68287) today…

This same scenario occurred towards the tail end of February, and when it did, we saw price spiral down to a new support level (0.67461) after an entire week of a fierce battle between the Bulls and Bears.

We are a few hours before Friday, and I wish I had a crystal ball to show me how low the bears will take price before the close of the market.

If I were to speculate on this one, I would say:

The bears MAY drag price to level 0.67779.

However, don’t forget it’s a Friday, and the market has a higher tendency to be stubborn (my superstitious belief though), so, be cautious.

Alas, we have come to the end of our analysis for the week. For me, I will be warming up to support my favourite team in the EPL.

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Wishing you guys a wonderful weekend