The market's correlation with EUR is evident, and
NZDUSD
is currently testing a key resistance zone on the weekly timeframe. The momentum has stalled in this area, with candles displaying a contraction. This zone has been tested multiple times in the past, each time resulting in a lower price action. Given the market's overextended state, I expect a pullback from this zone. Furthermore, we have a recent two-legged move upwards. Usually this type of move leads to correction. My target is the support level at 0.60510.
NZDUSD
is currently testing a key resistance zone on the weekly timeframe. The momentum has stalled in this area, with candles displaying a contraction. This zone has been tested multiple times in the past, each time resulting in a lower price action. Given the market's overextended state, I expect a pullback from this zone. Furthermore, we have a recent two-legged move upwards. Usually this type of move leads to correction. My target is the support level at 0.60510.