NZDUSD is forming an attempt to change the downtrend on the background of weakening of the dollar. A resistance retest is being formed. What to expect from the price further?
The price left the channel last week, all this time a consolidation in the format of an ascending triangle is being formed. The price continues to test the triangle resistance and 0.62359 for a breakout as we see a weakening dollar, consolidation after the resistance breakout and several other indications that the price is preparing to continue rising.
A false break of resistance could form a pullback to nearby support, but based on the potential, price could continue to head towards resistance.
Support levels: 0.61911
Resistance levels: 0.62200, 0.62359
I expect a pullback from resistance and another retest on the background of an attempt to change the trend. If resistance is broken, our target will be 0.63000 and 0.63810