NZDUSD → Consolidation before the continuation of the fall

18 Kas

NZDUSD amid bearish rally is not going to pull back, forming consolidation in front of 0.5894 with the purpose of continuing the fall...



Last week the price tested the key support at 0.585, closing below the level, hinting that the market is ready to go further.
The strong rise in the dollar is extremely negative for the forex market. The excitement has not subsided yet and most likely the current movements may get a continuation.
Since we have a downtrend, we should prioritize selling from strong resistance zones or supports. Focus on the key range.

Resistance levels: 0.5864, 0.588, 0.5912
Support levels: 0.584

Accordingly, I do not exclude the fact that the market may test the resistance in the format of a false breakdown and further fall. But, since we are close to the support now and the price is forming a pre-breakdown accumulation, we should consider a breakdown of the support in the first place

Rate, share your opinion and questions, let's discuss what's going on with ★ NZDUSD ;)

Regards R. Linda!