NZDUSD chart overview

Last Wednesday, the NZDUSD made a break below the support line that had been formed since the beginning of February. On Thursday, we had a retest on the trend line, and after that, we have a continuation of bearish trends due to the strengthening of the dollar. Today's minimum was recorded at 0.67220 level. The current position coincides with the support from March 15, after which we had a bullish impulse. By setting Fibonacci on the chart, we see that the NZDUSD pair stopped at the 61.8% level and that we can now expect some consolidation here or a slight recovery towards the 50.0% level. We need negative consolidation and a drop below 61.8% Fibonacci levels for the bearish option. We are looking for the next potential support in the zone around 78.6% of the level at 0.66380. If it does not last, we will see a drop on the February minimum to the 0.65300 level. For the bullish option, we need a recovery first above the 50.0% level at 0.67820. We get additional support in MA20 and MA50 moving averages. Further bullish consolidation directs us towards the 38.2% level at 0.68400. If we could do that, we would go back above the trend line and continue the previous bullish trend.