Currently, the NZD/USD chart is exhibiting strong bearish momentum, and the price is trading below the Ichimoku cloud at 0.6133, indicating a continuation of the bearish trend. The first resistance level is identified at 0.6155, and if the price were to react bearishly from this level, it could drop towards the first support level of 0.6111.
The first support level is a swing low support, which has held up well in the past, making it a strong level to watch for potential price bounces. In the event of a further drop, the second support level at 0.6092, which is another multi-swing low support, could serve as a good bounce point for prices to reverse upwards.
On the other hand, there are two resistance levels identified on the chart, with the first resistance level located at 0.6155. This level coincides with the 38.20% Fibonacci retracement and is also an overlap resistance, making it a strong level to watch for potential price reversals. If the price manages to break above this level, it could signal a shift in momentum towards the bullish side, potentially pushing prices up to the second resistance level at 0.6190. This level is a multi-swing high resistance and another 38.20% Fibonacci retracement, which could act as a strong level of resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Currently, the NZD/USD chart is exhibiting strong bearish momentum, and the price is trading below the Ichimoku cloud at 0.6133, indicating a continuation of the bearish trend. The first resistance level is identified at 0.6155, and if the price were to react bearishly from this level, it could drop towards the first support level of 0.6111.
The first support level is a swing low support, which has held up well in the past, making it a strong level to watch for potential price bounces. In the event of a further drop, the second support level at 0.6092, which is another multi-swing low support, could serve as a good bounce point for prices to reverse upwards.
On the other hand, there are two resistance levels identified on the chart, with the first resistance level located at 0.6155. This level coincides with the 38.20% Fibonacci retracement and is also an overlap resistance, making it a strong level to watch for potential price reversals. If the price manages to break above this level, it could signal a shift in momentum towards the bullish side, potentially pushing prices up to the second resistance level at 0.6190. This level is a multi-swing high resistance and another 38.20% Fibonacci retracement, which could act as a strong level of resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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