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Trading signals for #NZDUSD → A bearish wedge could lead to a rebound

2023-08-09 12:26 FOREX forecast

💡Ideas For NZDUSD 🇳🇿/🇺🇸

📈 NZDUSD → A bearish wedge could lead to a rebound

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NZDUSD is declining in the format of a bearish wedge. Within the pattern, the price may test the key support, but what to expect from the price further?

The support level of 0.59939 is the lower boundary of the global flat. There are no signals to break the support now, a retest of the level is formed after 2 months, the liquidity area will not allow to break this level. After the breakout of the support of the wedge will be followed by a retest of the indicated support level 0.59939, but I do not expect a breakout of this support. With high probability a rebound from the support may follow and the price may form a bullish momentum to the 0.61330 area.

The moving averages formed a bearish signal earlier, which has already worked out, at the moment the lines indicate a bearish trend.

Support levels: 0.59939

Resistance levels: 0.60692

I expect a retest of the support followed by a bounce up to 0.60692 or 0.61330

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#NZDUSD 🇳🇿/🇺🇸

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