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New Zealand Dollar / U.S. Dollar
Short

NZDUSD → Consolidation after support breakout

By RLinda
Updated
NZDUSD continues to consolidate in a narrow range as uncertain sentiment is also seen in the dollar index amid a challenging fundamental environment.

snapshot

The DXY has been consolidating below resistance for two and a half weeks, which in standard practice is a strong downside signal as resistance cannot be broken.
NZDUSD pair broke uptrend support earlier and consolidation is forming in the selling zone between 0.6250 and 0.6208. But, it is important for us to wait for the confirmation of the sell signal, which will be the breakout of 0.6208 and the subsequent consolidation of the price below the level, which will open for us the target in the form of support at 0.6086. Moving averages also indicate consolidation, which may be followed by a distribution phase.

Resistance levels: 0.6250, 0.6366
Support levels: 0.6208, 0.6180, 0.6086

There is a high probability that the currency pair on the background of the subsequent weakening of the dollar index can still break the support and head towards the target indicated by us.

Regards R. Linda!
Trade active
Support is broken. We expect retest and consolidation below the level according to the scenario
Trade closed: target reached
snapshot
Ascending ChannelChart PatternsconsolidationDXYFLATForexFundamental AnalysisNZDUSDSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
RLinda
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