NZDUSD breaks below support and out of trading range.
May 25, 2023 1:22 pm
Black line- resistance
Green line- support trend line
Yellow rectangles- rejections
NZDUSD is trading around 0.6078. Yesterday price closed below the key support trend line at 0.6114 and provided a new bearish signal. At the same time price was exiting the trading range it was in since January. As we mentioned in our previous analysis, NZDUSD is forming lower lows and lower highs.and with an RSI far from oversold levels and with a negative slope, we expect price to move lower towards 0.60-0.59. For trend to change to bullish we need to see price break above 0.63 at least.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- resistance
Green line- support trend line
Yellow rectangles- rejections
NZDUSD is trading around 0.6078. Yesterday price closed below the key support trend line at 0.6114 and provided a new bearish signal. At the same time price was exiting the trading range it was in since January. As we mentioned in our previous analysis, NZDUSD is forming lower lows and lower highs.and with an RSI far from oversold levels and with a negative slope, we expect price to move lower towards 0.60-0.59. For trend to change to bullish we need to see price break above 0.63 at least.
The material has been provided by InstaForex Company – www.instaforex.com
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