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NZDUSD → The bearish trend continues to accompany the price

2024-03-01 09:19 FOREX forecast

💡Ideas For NZDUSD 🇦🇺🇺🇸

📈 NZDUSD → The bearish trend continues to accompany the price

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NZDUSD is trading inside the descending price channel. A new downward movement is formed on the background of the growing dollar index, the pair is testing the support, the breakthrough of which can give a strong impulse

snapshot

A descending triangle is forming on W1, which indicates the weakness of the New Zealand dollar. The price cannot break through the trend resistance, and another dxy reversal for growth indicates that nzd will continue to weaken.

On n4 we are interested in the level of 0.60862, relative to which a pre-breakout consolidation is formed, which can move the market into the phase of distribution. Breakout of 0.60862 and price consolidation below the level will be a confirmation that the pair is ready to continue falling to the mentioned targets.

Resistance levels: 0.611, MA-200

Support levels: 0.60862, 0.600

I expect a breakthrough of the specified trigger zone with a subsequent fall towards the specified targets.

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