After a big significant growth, price has been rejected and pushed to the downside from a daily supply zone.
Currently, in the 4H time frame, price is facing a bearish pressure.
Moreover, there is a negative regular divergence between MACD and price peaks:
Although price has made a higher high, MACD has made a lower high, which indicates a bearish reversal in price.
If price breaks the yellow support level at 0.6946 and closes a bearish 4H candle below this level, I expect a drop on NZDUSD to 0.6870
Currently, in the 4H time frame, price is facing a bearish pressure.
Moreover, there is a negative regular divergence between MACD and price peaks:
Although price has made a higher high, MACD has made a lower high, which indicates a bearish reversal in price.
If price breaks the yellow support level at 0.6946 and closes a bearish 4H candle below this level, I expect a drop on NZDUSD to 0.6870
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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.