NZDUSD → The formation of the descending channel. Target 0.61000

19 Apr 2023

NZDUSD breaks the uptrend and forms a counter-directed price channel. The currency pair is consolidating under a strong liquidity zone. What's next?

We see the beginning of the formation of a new price channel, which is directed downward and tries to follow the dollar index.
If you pay attention to the lower chart of the USD, we can see the support level and the retest to this level, which might cause the USD Index to break-down and fall towards 100.0. In that case, the currency pair NZDUSD might also follow the downside of the index and reach the target support at 0.61000.

Strong resistance: 0.62000, 0.62500.
Strong support: 0.61500, 0.61000
I expect that from the support zone 0.62000 price will continue its falling towards the strong support zone

Sincerely R. Linda!

21 Apr 2023

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