The NZD/USD pair has shown interesting price action recently:
✅ Downtrend Channel Broken: The strong bearish trend finally saw a breakout above the descending trendline.
✅ Retest Completed: After the breakout, the price retested the trendline, confirming it as new support.
✅ Strong Support Zone: The pair is currently hovering around a critical support area (0.5473 - 0.5526), which aligns with the monthly low—a key decision point for bulls and bears.
✅ Potential Bullish Setup: If the support holds, we could see a bullish reversal aiming towards the 0.58 area. However, a break below this zone could trigger further downside pressure.
💡 Watch closely:
Bullish confirmation above 0.56 could signal a potential rally.
A break below 0.5473 may invalidate the bullish scenario.
🚀 Key Levels:
Support: 0.5473 - 0.5526
Resistance: 0.57 - 0.58
#ForexTrading #NZDUSD #TechnicalAnalysis #PriceAction #TrendlineBreak #SupportAndResistance #ForexSignals #TradingView #MarketAnalysis
✅ Downtrend Channel Broken: The strong bearish trend finally saw a breakout above the descending trendline.
✅ Retest Completed: After the breakout, the price retested the trendline, confirming it as new support.
✅ Strong Support Zone: The pair is currently hovering around a critical support area (0.5473 - 0.5526), which aligns with the monthly low—a key decision point for bulls and bears.
✅ Potential Bullish Setup: If the support holds, we could see a bullish reversal aiming towards the 0.58 area. However, a break below this zone could trigger further downside pressure.
💡 Watch closely:
Bullish confirmation above 0.56 could signal a potential rally.
A break below 0.5473 may invalidate the bullish scenario.
🚀 Key Levels:
Support: 0.5473 - 0.5526
Resistance: 0.57 - 0.58
#ForexTrading #NZDUSD #TechnicalAnalysis #PriceAction #TrendlineBreak #SupportAndResistance #ForexSignals #TradingView #MarketAnalysis
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.