NZDUSD → Bearish Momentum Poised to Extend Further

13 jam lalu

NZDUSD buyers remain skeptical of realizing a bullish scenario at this time, and the price continues to face downward pressure.

On the 1-hour timeframe, the price has approached strong support at 0.55, potentially triggering a minor corrective reaction. This correction is likely to be small, as the dollar maintains its upward momentum, bolstered by Trump’s policies that support this scenario in the medium term.

From a technical perspective, the price continues to test the 0.5588 support level, with a local descending wedge forming under selling pressure. A retest of the channel resistance is possible before further declines.

Resistance Levels: 0.563, 0.567
Support Levels: 0.5588, 0.5511

A break and consolidation below 0.5588 could trigger additional sell-offs in the context of the current local and global downtrend.