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NZD/USD with a potential reversing daily formation

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The Kiwi remains under pressure from the stronger dollar and the inability of the price to break above the zone at 0.64279. Sellers have not yet consolidated their full control, but this is potentially happening. The technique shows that the price remains in the long-term downtrend with several unsuccessful breakthroughs of 38.2 Fibo. We are currently looking at the potential formation of a sword absorption, which if confirmed with the closing today, we would expect the sale to continue.

Zone SP1 is the first potential zone in which the price can stop, with its breakthrough we would expect the movement to continue to SP2 in the zone at 0.62919.

Alternatively, in the event of a sharp weakening of the US dollar, the price will not fulfill the bearish formation, and we will expect a new attempt to test 38.2 Fibo and the potential breakthrough to move to RS2 in the zone at a price of 0.64971.


 Trader Martin Nikolov

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