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NZDUSD → Trend Change. Consolidation before the impulse

2024-05-10 10:32 FOREX forecast

💡Ideas For NZDUSD 🇦🇺🇺🇸

📈 NZDUSD → Trend Change. Consolidation before the impulse

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NZDUSD is entering the consolidation phase after breaking the local trend resistance. On D1 the price enters a new range and on H1 a golden cross is formed

snapshot

The dollar is standing still and losing positions since the opening of the session on the background of negative news. This is generally favorable for the currency pair. In this case, a retest of the support of the range forming above the bearish channel is possible with the aim of further growth. The currency pair has a potential and with the breakout of 0.604 the price may start to realize the accumulated potential and strengthen to 0.608 or 0.617.

Resistance levels: 0.604

Support levels: 0.600, 0.5983

Most likely trading inside the range may continue. False breakdown of support and further strengthening to resistance is possible, but further price reaction to resistance will show us the readiness of the market to go in one direction or another.

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