The NZDUSD is correcting to the upside
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 110 pips | Max. 0.6620
Min. 0.6500 |
Having breached support at 0.6620, the price is correcting back up. Level 0.6620 is now acting as strong resistance. Corrective growth is taking place at low volumes, which indicates weakening bullish potential.
It’s worth noting that close to 0.6620 resistance lies the upper border of the descending channel – level 0.6650, which is acting as the descending trend line.
The test of 0.6620 or 0.6650 will most likely trigger consolidation, followed by the rebound down and continuation of the downtrend towards 0.6500, 0.6450, 0.6400.
Alternative scenario: long consolidation around the descending trend line of 0.6650.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!
The NZDUSD is correcting to the upside
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 110 pips | Max. 0.6620
Min. 0.6500 |
Having breached support at 0.6620, the price is correcting back up. Level 0.6620 is now acting as strong resistance. Corrective growth is taking place at low volumes, which indicates weakening bullish potential.
It’s worth noting that close to 0.6620 resistance lies the upper border of the descending channel – level 0.6650, which is acting as the descending trend line.
The test of 0.6620 or 0.6650 will most likely trigger consolidation, followed by the rebound down and continuation of the downtrend towards 0.6500, 0.6450, 0.6400.
Alternative scenario: long consolidation around the descending trend line of 0.6650.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!