NZDUSD → False breakdown of a double bottom. But...

29 de nov.

NZDUSD is forming a local reversal pattern on the background of the dollar correction. It is too early to talk about a change of trend, but we can get a correction with the purpose of retesting the liquidity zone



On the daily timeframe earlier a false breakdown of the double bottom was made, the price was not let down and in a few days began to buy out on the background of news on inflation from the USA. Traders took the decline in inflation relatively positively and moved to profit-taking in the dollar, which gives the forex market a chance.
For now, the focus is on the 0.59-0.5912 zone. If the bulls can keep their defenses above this zone, we may get a rise to 0.597 (towards the descending channel resistance) in the long run

Resistance levels: 0.5912, 0.5972
Support levels: 0.588, 0.58166

But, we should not deny the downtrend. From any resistance the price can continue downward movement, as there are no preconditions that the market is ready to change the trend.

Regards R. Linda!