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NZD/USD The price turns after an unsuccessful attempt to break through a key resistance zone

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Forex NZDUSD D1 Our expectations:

Short trend and medium-term long correction. False breakthrough of the trend channel, after which the price goes back. Price below the key zone of resistance

Price action: Break below the previous bottom.

Indicators:
Test up to 50% Fibonacci on the previous short, the price sharply turns.
Price below 50 and 200SMA, MAs in a bearish formation.
DeMarker in oversold territory, sharp downward impulses are possible

SL: 0.68

Alternative Scenario: A verified break of 0.675 will break key technical resistance and will most likely lead to a new upward movement.


 Trader Georgi Bozhidarov

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