NZDUSD → Retest of the key resistance area. Downtrend
Updated
NZDUSD bounces from the local support area and forms a retest of the strong resistance area. What to expect from the price in the nearest future?The US is having a day off today, but at the same time the PMI is coming out and it looks like the data might be bearish for the currencies, so if this is confirmed, the currency pair might show some bullish volumes.
The price is about to retest the resistance area and a break-down of the resistance will form a strong momentum towards 0.63054.
BUT! We have a bullish trend, rally to the resistance, which can be stopped by the upper border of the range.
As a priority, I expect price decline within the price channel, but if resistance is broken, it will be necessary to rebuild the strategy.
Support levels: 0.6116, 0.60692
Resistance levels: 0.61911, channel resistance, 0.62359.
As a priority I expect a false breakdown of the channel resistance, followed by downward price movement towards support. But if the fundamental background changes, the price is likely to break resistance.
Regards R.Linda!
Note
Note
Note
a register of the specified level is formed
1) return of the price to the channel will open a scenario to sell
2) prolonged consolidation above the level will open a buy scenario
Note
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