NZDUSD | Perspective for the new week | Follow-up details

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
We experienced close to 100pips move in our direction following my last speculation on this pair (see link below for reference purposes) and a Breakdown of Demand structure (a level that held price "supported" throughout last month) early in the month of November 2021 insinuates that the Kiwi might witness a risk of further decline in the coming week(s).
From a fundamental perspective; a stronger than expected U.S. jobs report might bring the Fed closer to a rate hike which could put further pressure on the NZD/USD in the coming week(s), Let's see!

Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Reversal pattern ( Double Top look-a-like)
Observation: i. After breaking out of Double Bottom Neckline on the 14th of October 2021 (see daily chart ), the Kiwi recorded a 3.42% growth over the Dollar to set the tone for a Bullish momentum in the long term.
ii. However, after testing a temporary peak @ $0.72190, the price took a gradual nose dive, leading to a significant Breakdown of Key level during last week trading session.
iii. As expected, I stated in my last speculation on this pair (see link below) that we should be getting ready for a possible correction phase of the Impulse leg which might retest the Neckline of the Double Bottom that instigated the previous rally (see daily chart ) to confirm a trend continuation setup.
iv. The appearance of a highly bearish technical reversal pattern on the chart which looks like a Double Top at $0.72190 & $0.72180 followed by a couple of Breakdowns of $0.71300 in the last week could be a sign that emphasizes the selling pressure accumulating under the Key level.
iv. In this regard, I shall be looking out for selling opportunities below Key level with an opportunity to add to my existing position should price Breakdown/retest of $0.70850... Trade consciously!😊
NB: It is very possible that the early hours/days of the new week might see a price climb into the Supply zone cited within $0.71850/0.71550 to incite further decline.
Trading plan: SELL confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:4
Potential Duration: 3 to 7days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.

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You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.