Bearish Retest Setup: Watching NZDUSD at Key Resistance

Hey Traders,

It appears that NZDUSD is approaching a significant resistance level around 0.60583, which aligns with previous price action and a potential reversal area to retest the last major break-of-structure .This zone also matches the 0.618 fib level, taken on the impulse from 0.61525 to 0.58825. I anticipate a rejection from this level, leading to a continuation of the downtrend.

Current Market Conditions:

Key Resistance: The price is nearing a critical resistance level at 0.60583, which could serve as a turning point for the pair.
Bearish Setup: If the price rejects this resistance, it could trigger a move to the downside.

Targets:
TP1: 0.59865
TP2: 0.58849
TP3: 0.57938

Risk Management:
Stop-Loss: Set stop-loss above the resistance level, around 0.61100, to manage risk in case of an unexpected breakout.

Conclusion:
NZDUSD is at a crucial juncture, with a potential bearish setup forming as it approaches resistance. Keep an eye on price action around this level for a possible rejection and downside continuation.

I would love to hear your thoughts in the comment section, and please hit boost and follow for more ideas. Thank you, and profitable trading to you all!

Trading Insight: "In the market, patience and precision are your greatest allies."