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R.Linda Trading - forecast

#NZDUSD → Retest of support and the probability of a pullback

2023-04-24 06:27 FOREX forecast

The NZDUSD is falling from the resistance zone to the lower boundary of the channel. The nearest retest of the lower liquidity zone in the form of a false breakdown could form an upward pullback reaction.

The local trend is downward, but globally the price is in a sideways range. From here we can assume that the price is able to form a pullback from the strong support level to the channel resistance.

Strong support: the area of 0.61000 (false-breakdown strategy)

Strong resistance: 0.61660, 0.62000

I expect that the price will be able to rebound from the support of the descending channel and form a change of the local trend

R. Linda

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