R.Linda Trading - forecast

NZDUSD → Traders prepare for bearish rally to 0.60

FOREX forecast
💡Ideas For NZDUSD 🇦🇺🇺🇸

📈 NZDUSD → Traders prepare for bearish rally to 0.60


NZDUSD is consolidating after breaking the uptrend support. There are no signs on the chart for possible growth, only if the fundamental environment does not change drastically...
Technically, a bearish situation is forming on the senior timeframe within the 0.6219 - 0.6084 range. Traders do not believe that the dollar will start to fall and are forming sell-offs of the New Zealand dollar. A break of 0.6083 could lead to a strong sell-off that could spill the market to 0.60 - 0.587. But as the US GDP will be released tomorrow, the market may continue to move flat until some important measures are taken by the major traders.

Resistance levels: 0.6140, 0.6215

Support levels: 0.6083, 0.600

I expect a retest of the support against which a small rebound may follow. But, if the situation both technically and fundamentally will not change in the near future, we should expect the formation of a bearish trend.