NZDUSD 11 Aug 2023 on the weekly timeframe, the pair has been bearish since last month. It dropped after touching the 50.0 fibo level at 0.63693, then dropped through S1 and is now at 0.60064. If referring to the MFI indicator which also shows a downward graph below the 50 level, then the bearish trend is still likely to continue therefore go-short is still an option for traders. On the other hand, if there are factors that are able to influence the market and there are indications of a trend reversal, then go-long can be an option. Keep an eye on market movements and changes.
