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R.Linda Trading - forecast

NZDUSD → Bears prospects. Continued decline from resistance

2024-05-02 11:16 FOREX forecast

💡Ideas For NZDUSD 🇦🇺🇺🇸

📈 NZDUSD → Bears prospects. Continued decline from resistance

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NZDUSD reaches the previously outlined target. The trend remains and has a bearish direction, the structure of which is preserved and the direction of price movement can be continued

A retest of 0.5940 is formed on the background of yesterday's news and a slight weakening of the dollar index. The currency pair is strengthening within the downtrend, correction is being formed. Consolidation of the price below 0.5940 may form a potential reversal point with a further target of 0.585 or 0.58.

But, there is a probability that on the background of increased volatility the price may reach the trend resistance. But, the prospects are the same.

Resistance levels: 0.5940, 0.5983, 0.6000

Support levels: 0.5874, 0.585, 0.580

Technically and fundamentally we have a bearish outlook. The currency pair may continue its decline, but before that the market may test the resistance

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