NZDUSD Outlook 3rd March 2023
Through the trading session yesterday, the NZDUSD reversed down from the 0.6260 resistance level to trade down to the immediate support and round number price level of 0.62.
Although the price bounced from the support level, if the DXY continues to strengthen, look for the NZDUSD to trade lower again to retest the support level, with the potential to break and trade significantly lower.
This move is likely to be invalidated if the price breaks beyond the 50% Fibonacci retracement level.
The next key support level beyond 0.62 is at 0.6131, however, watch out for a possible "hesitation" level at 0.6166.
Although the price bounced from the support level, if the DXY continues to strengthen, look for the NZDUSD to trade lower again to retest the support level, with the potential to break and trade significantly lower.
This move is likely to be invalidated if the price breaks beyond the 50% Fibonacci retracement level.
The next key support level beyond 0.62 is at 0.6131, however, watch out for a possible "hesitation" level at 0.6166.
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