💡 NZDUSD: On the decline
Updated
NZDUSD is experiencing its second consecutive day of losses. The D1 candlestick chart from yesterday displayed a downward trend with a modest lower shadow, indicating that selling pressure was relatively subdued. The price is currently rebounding from these declines. NZDUSD's daily chart continues to exhibit a sideways consolidation pattern.
While the hourly H1 chart still maintains a bullish price structure, today's trading may witness a potential selling opportunity at higher levels. Should the price breach this level, it could signify a revival of bullish momentum, presenting a chance for re-entry into long positions.
While the hourly H1 chart still maintains a bullish price structure, today's trading may witness a potential selling opportunity at higher levels. Should the price breach this level, it could signify a revival of bullish momentum, presenting a chance for re-entry into long positions.
Note
NZDUSD dropped to the support zone at approximately 0.5910 and then began to stabilize. Two potential opportunities have emerged for us in this region: a descending setup and a buying pressure zone. Nevertheless, as of now, there is no clear signal candlestick, so it's advisable to exercise patience and await price action. If a promising bullish signal candlestick forms in the near future, it may be a good idea to contemplate a purchase.
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