NZDUSD is entering the consolidation phase after breaking the local trend resistance. On D1 the price enters a new range and on H1 a golden cross is formed.
The dollar is standing still and losing positions since the opening of the session on the background of negative news. This is generally favorable for the currency pair. In this case, a retest of the support of the range forming above the bearish channel is possible with the aim of further growth. The currency pair has a potential and with the breakout of 0.604 the price may start to realize the accumulated potential and strengthen to 0.608 or 0.617.
Resistance levels: 0.604 Support levels: 0.600, 0.5983
Most likely trading inside the range may continue. False breakdown of support and further strengthening to resistance is possible, but further price reaction to resistance will show us the readiness of the market to go in one direction or another.
Regards R. Linda!
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The bulls are keeping the price in a zone that favors them Expect continued growth next week
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0.600 is an important support area NZD may head towards the resistance on the background of the dollar index decline
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Consolidation above the key level continues There is a chance to catch a shakeout (false break of support) before further growth
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That's great. The bulls are successfully gaining the specified area. A 40 pips impulse is forming
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That's great! The Bulls have done their job. The target has been reached
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Price is heading towards the second and final target within the idea
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