NZD/USD - bears taking control of the market?
NZD/USD price has been in a significant bull run since the lows back in March. On the weekly NZD/USD chart we can see that price has now strongly rejected from the weekly sloping resistance and has finally bulldozed through the strong level of support at 0.6582 on the back of weaker fundamentals from New Zealand. The price has also broken to the downside from a daily ascending trend zone which will likely only further push price lower, with a retest of support at 0.6500 expected. To do so would mean closing below the weekly 50 EMA which is currently providing support. If the support at 0.9500 and the EMA fails, we would expect a further push down to retest 0.6380.
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