💱NZDUSD - Bounce from 0.618 before further decline

21 ביולי 2023

NZDUSD is making a perfect move within the previously formed idea. The currency pair breaks the ascending support and falls to 0.618. The target has been reached, But!

TA on the high timeframe:
1) Price has passed only the first half of the way. The global target could be 0.6084 or 0.5985
2) Overcame the liquidity area, which is resistance at the moment and the price is heading towards support.

TA on the low timeframe:
1) A rebound from 0.618 fibo to the nearest resistance is likely to follow at the moment
2) The resistance at 0.62328 may take the price again, but not let it go up. In this case a rebound or a false breakout with a subsequent fall will be formed.
3) The local trend is downtrending and it can bring the price to 0.61339 rather quickly.

Key resistance📈: 0.5 fibo
Key support📉: 0.618 fibo, 0.61339