NZDUSD feels a need of correction before further downsides

16 Jun 2023

Hey Traders, In the coming week, we are closely monitoring NZDUSD for a selling opportunity around the 0.63000 zone. It is worth noting that NZDUSD is currently trading in a downtrend and is in a correction phase, gradually approaching the major trend line at the 0.63000 support and resistance zone. Additionally, it is important to consider that the Reserve Bank of New Zealand (RBNZ) has indicated a pause in rate hikes, which could further impact the currency pair's movement.
Trade safe, Joe.