NZDUSD - Potential Long from Key Support Zone
The NZDUSD pair is currently approaching a significant demand zone near the 0.55800 - 0.54700 level. Historically, this area has acted as a strong support, leading to notable bullish reversals. The recent decline into this zone suggests a potential for buyers to regain control and push prices higher.
A bullish confirmation, such as a strong rejection pattern, bullish engulfing candles, or long lower wicks, would indicate an increased likelihood of a move upward. If this scenario unfolds, the price may head toward the 0.57580 level.
This setup aligns with a potential short-term rebound within the broader bearish market structure.
What are your thoughts on this outlook?
A bullish confirmation, such as a strong rejection pattern, bullish engulfing candles, or long lower wicks, would indicate an increased likelihood of a move upward. If this scenario unfolds, the price may head toward the 0.57580 level.
This setup aligns with a potential short-term rebound within the broader bearish market structure.
What are your thoughts on this outlook?
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