NZD/USD simply acquired rejected from a downtrend resistance!

Will this result in the pair making new lows within the subsequent few days?

I’m wanting on the every day chart for a hen’s eye view!

NZD/USD Each day Foreign exchange Chart by TV

As you possibly can see, NZD/USD lately ended a weeks-long upswing after getting rejected on the .6250 space.

And why not? Apart from being close to the every day chart’s 100 SMA and the 61.8% Fib degree, .6250 additionally strains up with a descending channel resistance that’s been round since late 2022.

Does this imply that NZD/USD is headed for brand spanking new yearly lows?

Threat-off sentiment showing will definitely not assist the bulls.

Momentum merchants can make the most of NZD/USD slipping beneath the Pivot Level (.6130) line and the 200 SMA to focus on shut areas of curiosity like .6100 or .6050.

You may even plan for a visit beneath .6000 if there’s sufficient bearish momentum!

Not satisfied that NZD/USD will proceed its downtrend?

You may anticipate a pair extra candlesticks to see if NZD/USD stays beneath the 200 SMA. If it retests the .6200 psychological degree, then the pair may make a play for an upside breakout.

Whichever bias you select to commerce, be sure you’re utilizing your greatest threat administration practices so that you don’t lose your shirt on a single commerce!