The NZDUSD is making a retest of the resistance at 0.6379 a month after its formation. It will be difficult for the price to overcome such level from the first time, hence, after the formed false breakdown we should expect a pullback.
TA on the high timeframe: 1) The chart on the right cannot show us any key trend. The price is in a sideways range, hence it is possible to both buy and sell.
TA on a low timeframe: 1) The price makes a false break of the resistance at 0.6379. 2) The false breakout may be followed by a strong pullback 3) The key support area which the price may try to reach is 0.63360 or 0.62970. 4) A resistance retest could form and if the price does not break it, a correction could start.
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