OANDA:NZDUSD is declining amid a strong dollar rally. The negative background for the currency pair has persisted for quite a long time and there is no reason to change this tone at the moment.
On W1, we can clearly see the general trend on the part of strong bears, who continue to sell off the currency pair and the New Zealand dollar. On H4 it is worth paying attention to the intermediate level of 0.5900. The breakout and subsequent price consolidation below this level will form the potential for the continuation of the decline.
Resistance levels: 0.5940, 0.6000 Support levels: 0.5900, 0.5850
Technically, we have a bearish trend and support retest, which only strengthens the bearish potential on the negative fundamental background. We are waiting for a decline to lower targets.
Regards R. Linda!
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The pair is updating the local minimum negative fundamental background persists
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breakdown
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Decline continues. prospective target 0.586
Trade closed: target reached
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The first goal has been achieved
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Consolidation below the target level. We expect the decline to continue
As far as I can see I think you may have it right RLinda on the NZDUSD. I trade the EURUSD the most but I will trade the NZDUSD, USDCAD and the AUDUSD when I see that the EURUSD is at some kind of rest stop or indecision. I have forsaken the GBPUSD and USDJPY since the world has moved up the magin amount.. who knows they will be offering $100,000 to qualified traders to trade with them soon enough once they see the light. But by then I will already be on my way, it just the way it is, I seem to be a few steps ahead of the world.