NZDUSD is approaching a resistance zone around 0.61588 , taking a look back we see how the continuation pattern( bear flag) and in conjunction with the economic news release on NZDUSD last week played out in favor of the bears.
Recently the pair has an overall structure to continue in its downward trend. So we may see a test of the resistant zone.
If the resistance zone holds and price rejects (third touch), consider a sell-off towards support at 0.60590.
While a sell-off towards support at 0.60590 seems likely, I will be conservative on my entry on this, I'll wait for confirmation on the 15-minute chart via a bearish continuation pattern .
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Recently the pair has an overall structure to continue in its downward trend. So we may see a test of the resistant zone.
If the resistance zone holds and price rejects (third touch), consider a sell-off towards support at 0.60590.
While a sell-off towards support at 0.60590 seems likely, I will be conservative on my entry on this, I'll wait for confirmation on the 15-minute chart via a bearish continuation pattern .
if you found this helpful please support your fellow trader with a like