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New Zealand Dollar / U.S. Dollar
Short

NZDUSD → Traders prepare for bearish rally to 0.60

By RLinda
Updated
NZDUSD is consolidating after breaking the uptrend support. There are no signs on the chart for possible growth, only if the fundamental environment does not change drastically...

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Technically, a bearish situation is forming on the senior timeframe within the 0.6219 - 0.6084 range. Traders do not believe that the dollar will start to fall and are forming sell-offs of the New Zealand dollar. A break of 0.6083 could lead to a strong sell-off that could spill the market to 0.60 - 0.587. But as the US GDP will be released tomorrow, the market may continue to move flat until some important measures are taken by the major traders.

Resistance levels: 0.6140, 0.6215
Support levels: 0.6083, 0.600

I expect a retest of the support against which a small rebound may follow. But, if the situation both technically and fundamentally will not change in the near future, we should expect the formation of a bearish trend.

Regards R. Linda!
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snapshot
A support retest and a breakout attempt are being formed. A rebound may follow. If the price starts to quickly return to the support, it will increase the chances of support breakout. Consolidation of the price below 0.6083 will be a confirmation of readiness to go down to the target
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A rebound is being formed. If the price does not go far from the level, the potential for breakdown will be formed
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The price enters the risk zone.
Consolidation below 0.6057 will lead to strong sell-offs
Ascending ChannelChart PatternsDXYFibonacci RetracementFLATFundamental AnalysisNZDUSDSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
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