NZDUSD → Retest of support and the probability of a pullback

24 Apr 2023

The NZDUSD is falling from the resistance zone to the lower boundary of the channel. The nearest retest of the lower liquidity zone in the form of a false breakdown could form an upward pullback reaction.

The local trend is downward, but globally the price is in a sideways range. From here we can assume that the price is able to form a pullback from the strong support level to the channel resistance.

Strong support: the area of 0.61000 (false-breakdown strategy)
Strong resistance: 0.61660, 0.62000
I expect that the price will be able to rebound from the support of the descending channel and form a change of the local trend.

Regards R. Linda!

24 Apr 2023

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