The NZD/USD chart is indicating the potential for a bearish breakout, with significant support and resistance levels playing a pivotal role.
Support Levels:
At 0.6128, the 1st support level is characterized as "An Overlap support." This level suggests a potential area where buying interest may emerge, but it is crucial to monitor for potential breakdowns. Similarly, the 2nd support at 0.6082 is also identified as "An Overlap support," reinforcing its potential significance in providing support to the price.
Resistance Levels:
On the resistance side, the 1st resistance at 0.6203 is labeled as "Multi-swing high resistance." This level represents a notable barrier to any potential upward price movement, warranting caution for traders. Additionally, the 2nd resistance at 0.6254 is characterized by "Multi-swing high resistance," further emphasizing its role as a substantial resistance zone.
