NZDUSD a localized correction phase is forming within the underlying upward trend. The dollar has strengthened and consolidated throughout the past week, which generally creates pressure on the forex market.After breaking through resistance levels, coinciding with the slowdown of the sharply declining dollar, entering a correction phase. Locally, this represents a downward trend, followed by consolidation, generally resembling a flag pattern - an image of continued movement. Nearby strong resistance levels are being closely monitored. The dollar may continue to grow due to US policy, generally having a negative impact on the market. Price breakout from the current consolidation phase could be accompanied by strong momentum. Focus remains on 0.575 - 0.571.
From a technical perspective, after stopping at 0.571, the price is not retreating but rather forming a consolidation on the foundation of a local downward trend. It's highly likely that a major player will lure the crowd to an imbalanced zone or support the trend at their expense.
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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.