The NZD/USD market trend is overall bearish. Recently, the market broke below a key support on the daily charts, which has now turned into a resistance for us. Currently, the price is near that level. Additionally, on the 1-hour chart, a head and shoulders pattern has formed, with extra confirmation from a rising channel. Both patterns have their neckline broken to the downside, and now, we'll consider taking a trade on a retest.
Entry 0.6125
Stop loss 0.6160
Targets 0.6090 & 0.6070
Entry 0.6125
Stop loss 0.6160
Targets 0.6090 & 0.6070