The NZD/USD currency pair remains in a bearish trend, supported by the longer-term prevailing downtrend. However, recent intraday price action suggests sideways consolidation, indicating a potential buildup before the next significant move.
Bearish Scenario:
The key level to watch is 0.5690, aligning with the previous consolidation zone.
A potential oversold rally toward 0.5690, followed by a bearish rejection, could reaffirm the downtrend.
If sellers regain control, downside targets include 0.5580, followed by 0.5560, with 0.5530 acting as a key longer-term support.
Bullish Scenario:
A confirmed breakout above 0.5690 on a daily close would challenge the bearish outlook.
This could trigger further upside momentum, leading to a test of 0.5716, followed by 0.5770 if bullish pressure strengthens.
A sustained move above 0.5770 could indicate a broader trend shift.
Conclusion:
The overall sentiment remains bearish, but short-term consolidation suggests a possible test of 0.5690 before the next directional move. A bearish rejection at this level would reinforce the downtrend, while a breakout above 0.5690 would open the door for further upside. Traders should monitor price action closely at this key resistance zone for confirmation.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Bearish Scenario:
The key level to watch is 0.5690, aligning with the previous consolidation zone.
A potential oversold rally toward 0.5690, followed by a bearish rejection, could reaffirm the downtrend.
If sellers regain control, downside targets include 0.5580, followed by 0.5560, with 0.5530 acting as a key longer-term support.
Bullish Scenario:
A confirmed breakout above 0.5690 on a daily close would challenge the bearish outlook.
This could trigger further upside momentum, leading to a test of 0.5716, followed by 0.5770 if bullish pressure strengthens.
A sustained move above 0.5770 could indicate a broader trend shift.
Conclusion:
The overall sentiment remains bearish, but short-term consolidation suggests a possible test of 0.5690 before the next directional move. A bearish rejection at this level would reinforce the downtrend, while a breakout above 0.5690 would open the door for further upside. Traders should monitor price action closely at this key resistance zone for confirmation.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
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.
Disclaimer
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.