FX.co ★ NZD/USD

Forecast of NZDUSD Since October 4th, when the NZDUSD surpassed the 50 EMA line to the downside, the price of this trading asset has been in a bearish trend. The NZDUSD continued its bearish trend until January 10th, at which point it gradually began to move in the ascending channel that I depicted in the diagram that is attached. During the bearish swing, the price dropped as low as 0.5512. I saw that the NZDUSD crossed the moving average lines many times, once to the upside and once to the downside; because this ascending channel pattern was along the lines of the moving average. The price of the NZDUSD dropped sharply on Friday of last week, creating an enormous bearish engulfing candle. Because bears were so powerful, I saw that the NZDUSD broke the bottom level of the ascending channel.

The price is once more pursuing a bearish trend, and yesterday the NZDUSD hit the 0.5512 support level once more. Even though I closely examined its history, I was unable to find any more support after this. Although it will take some time for the NZDUSD to achieve these price levels, the next firmer support levels are at 0.4918 and 0.4722. Although it seems impossible to get there right now, I advise continuing to monitor and trade in the direction of the major trend because it is bearish. By examining the weekly time frame chart, I noticed that the price has been moving in the range zone for the past few weeks, but it made a powerful bearish candle in the last week. The price should soon break through the resistance or support level to move in a single direction.