FX.co ★ NZD/USD

NZDUSD Weekly Chart Analysis: On the weekly chart of NZD/USD, the price turned around and impulsively moved south against the news background after testing the local resistance level from bottom to top, which is located at 0.57677. This resulted in the formation of a clear turning candle, which closed close to the local support level, which is located at 0.55909. I intend to keep observing the assigned support level for this pair next week, as there can be two possible outcomes. The first possibility is linked to continued southward movement and price consolidation below this level. I anticipate that if this strategy is successful, the price will approach the 0.54607 support level. I will wait for additional southward movement up to the support level, which is at 0.52321, if the price fixes below this level. I will wait for a trade setup to materialize close to this support level in order to ascertain the future course of trading. Naturally, I acknowledge that northern pullbacks may occur as the price approaches the specified far southern target. I intend to use these pullbacks to look for bearish signals from the closest resistance levels. A strategy with the creation of a turning candle and the resumption of growth inside a local sideways trend would be another option for price movement as it approaches the support level of 0.55886. I will wait for the price to return to the resistance level, which is around 0.57677 or 0.58317, if this strategy is successful. I'll be looking for bearish indications near these resistance levels in case the price movement starts to decline again. In summary, I absolutely anticipate that the price will find the closest support level locally next week, and if it can consolidate below it, I will anticipate a further slide to more distant southern objectives. NZD/USD, and I don't know of anyone else, but I closed my sales on this trading instrument since, following a minor update to the minimum, the price of this trading instrument might increase once more, which could actually happen. If you look at the weekly and daily charts, you can see that they are getting ready to make a good bearish wave, which can be described as a wild dip in the price downward. However, I believe that before this happens, we can stay in these areas for a few more days in the current wide price corridor. If my predictions come true, then a scenario may start where the price may return to the accumulation area of 0.57131 if we see a bullish impulse following a small update of the minimum.