NZDUSD → Retest of the resistance of the downtrend

1 thg 5, 2023

The NZDUSD is forming a downward price channel. The price is squeezed in a local sideways range between 0.62300-0.61100. There is a possibility that the price may continue to fall from the resistance area.

The currency pair forms a pullback up after testing the key support and liquidity area.
The chart indicates quite clear boundaries of the downward price channel. The currency pair is approaching the resistance zone and there are no prerequisites for the price to break through it.
The moving averages are showing a neutral stance, but at the same time MA-200 is acting as resistance and MA-50 as support.

Strong resistance: descending channel line (false-break), 0.62137 (false-break), MA-200 (false-break)
Strong support: MA-50, 0.611000 level
I expect that the bears will not allow the price to go beyond the resistance area. After the retest of the line, the price is likely to continue falling.

Regards, R.Linda!

1 thg 5, 2023

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2 thg 5, 2023

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