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flag ★ NZD/USD vulnerable to drop deeper

Forex Analysis:::2022-05-10T19:42:19

NZD/USD vulnerable to drop deeper

NZD/USD vulnerable to drop deeper

NZD/USD Downtrend Intact!

The NZD/USD pair could resume its downside movement anytime as long as it stays under the downtrend line. It was traded at 0.6291 at the time of writing. 0.6281 former low stands as a downside obstacle.

0.6304 and the downtrend line are seen as upside obstacles. In the short term, it could try to reach and retest the downtrend line.

NZD/USD Trading Conclusion!

Staying below the downtrend line and dropping below 0.6281 could confirm a further drop and could bring new selling opportunities.

Staying above 0.6281 and jumping above 0.6304 and above the downtrend line may signal that the downside movement ended and that the buyers could push it higher.

Analyst InstaForex
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