NZDUSD may change the trend
The NZD/USD pair has been in a prolonged bearish trend, driven by the strength of the DXY. However, a divergence has formed on the RSI, and the DXY is now facing resistance at its peak.
For the NZD/USD to establish a bullish reversal, it needs a break above the trendline resistance and 0.5900 levels, potentially targeting 0.6050 in the medium term. Otherwise, a sustained break below 0.5850 would confirm further downside risks.
If NZD/USD breaks above its resistance at 0.58848, it could signal a potential trend reversal. I plan to enter the trade at 0.58912, set my stop-loss (SL) at 0.58266, and aim for a take-profit (TP) at 0.59541.
For the NZD/USD to establish a bullish reversal, it needs a break above the trendline resistance and 0.5900 levels, potentially targeting 0.6050 in the medium term. Otherwise, a sustained break below 0.5850 would confirm further downside risks.
If NZD/USD breaks above its resistance at 0.58848, it could signal a potential trend reversal. I plan to enter the trade at 0.58912, set my stop-loss (SL) at 0.58266, and aim for a take-profit (TP) at 0.59541.
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