NZDUSD → The bearish trend continues to accompany the price

1 thg 3, 2024

NZDUSD is trading inside the descending price channel. A new downward movement is formed on the background of the growing dollar index, the pair is testing the support, the breakthrough of which can give a strong impulse.



A descending triangle is forming on W1, which indicates the weakness of the New Zealand dollar. The price cannot break through the trend resistance, and another dxy reversal for growth indicates that nzd will continue to weaken.
On n4 we are interested in the level of 0.60862, relative to which a pre-breakout consolidation is formed, which can move the market into the phase of distribution. Breakout of 0.60862 and price consolidation below the level will be a confirmation that the pair is ready to continue falling to the mentioned targets.

Resistance levels: 0.611, MA-200
Support levels: 0.60862, 0.600

I expect a breakthrough of the specified trigger zone with a subsequent fall towards the specified targets.

Regards R. Linda!

1 thg 3, 2024

Ghi chú

The price after the news could be a bit of a bumpy ride
News in the US is coming out worse than expected.